Gold Drops Amid Bullion Sales

Turning to the miners, Deutsche Bank raised its rating on Freeport-McMoRan Copper and Gold(FCX Quote) to a buy from hold and hiked its stock price target to $69 a share from $58.30. Still, the stock was dipping 2.6% at about $55.

Elsewhere, Meridian Gold(MDG Quote) and Agnico-Eagle Mines(AEM Quote) were both sliding about 5% in afternoon trading.

As for base metals, copper lost 4 cents to close at $2.71 a pound, in line with the decline in the broader metals complex.

In ferrous metals, steel prices in China were trending slightly higher due to relatively low inventory levels, according to a new report from Shanghai-based Growell Research & Consulting.