Gold Prices Drop on Demand Concerns: Report
Gold futures dropped Thursday, coming under pressure after a report about a decline in quarterly global demand for the precious metal, MarketWatch reported.
Gold for December delivery slumped $16.30, or 0.9%, to settle at $1,713.80 an ounce on the Comex division of the New York Mercantile Exchange. December gold traded as low as $1,704.50.
Prices had fallen more than $20, according to FactSet data, after the World Gold Council said global demand for gold in tonnage terms fell 11% in the third quarter from the year-ago period.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.