Gold drops as much as $16 in broad metals pullback
By Polya Lesova & Myra P. Saefong, MarketWatch
Last update: 10:45 a.m. EST Nov. 11, 2008
SAN FRANCISCO (MarketWatch) -- Gold futures dropped as much as $16 an ounce Tuesday, giving up gains made in the previous session as other metal futures registered steep losses.
Silver, platinum and copper futures all tumbled nearly 3% or more.
"Gold and commodities as a whole are continuing their almost-perfect correlation to the stock market," said Zachary Oxman, senior trader at Wisdom Financial. "The trade now, if you believe the market is due to fall further, is surprisingly short gold."
Gold for December delivery dropped $12.90, or 1.7%, to $733.60 an ounce in electronic trading on Globex. It touched a low of $730.20 earlier.