Gold Drops $14, Inches Closer To $1,700 An Ounce

Gold futures moved sharply lower on Tuesday, with investors remaining cautious as budget talks in the U.S. appeared to have come to a deadlock, after the White House the prior day rejected House Republicans’ tax-revenue plan.

Gold for February delivery lost $14.10, or 0.8%, to $1,706.70 an ounce. Most other metals tracked gold-futures lower, with silver for March delivery losing 1.2% to $33.34 an ounce.

Palladium for the same month slumped 1% to $684.20 an ounce, while January platinum gave up 1.1% to $1,596.00. March copper climbed 0.1% to $3.66 per pound.

Marketwatch