Gold News

Gold futures drop

A fall in gold futures for February delivery was recorded today (December 17th).

Prices fell to $795 per ounce on the New York Mercantile Exchange, down $3 from Friday, when they saw a seven-day increase of $2.20 but experienced a $6 decrease compared with Friday, MarketWatch reports.

"Weaker oil and a stronger dollar weigh on gold, as a stronger dollar makes gold more expensive for foreign investors and also reduces the appeal of gold as a hedge against inflation," Action Economics analysts commented.

Silver and palladium for March delivery also saw a fall today, while crude oil futures dropped following indications that the Organisation of Petroleum Exporting Countries (Opec) may decide to up production at its next meeting.

Algerian oil minister Chakib Khelil, who is set to become Opec's president in the new year, said he would not reject the possibility of such a move if market conditions were right.

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