Updated from 11:02 a.m. ET with settlement prices
NEW YORK (
Gold for February delivery dropped $25.30 to settle at $1,695.80 at the Comex division of the New York Mercantile Exchange. The
Gold traded at $1,704.50 an ounce on Nov. 15, which marked the lowest level for the commodity in four weeks."Gold prices broke to under the pivotal $1,700 mark overnight, and did so despite a slightly weaker US dollar, despite a firmer euro, but alongside almost 1% weaker crude oil values," Jon Nadler, senior analyst at Kitco Metals, noted Tuesday morning. Nadler noted that an overall slide in commodities and the continued stall in negotiations over the so-called fiscal cliff -- when tax relief measures and deep spending cuts will automatically go into effect at the beginning of 2013 -- were responsible for the four-week low.
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