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By Claudia Assis and Chris Oliver, MarketWatch
SAN FRANCISCO
(MarketWatch) — Gold futures dropped more than 4% Wednesday, trading below $1,800 an ounce and extending losses to a second day as a correction that started after five records in six sessions got much steeper.
Gold for December delivery /quotes/zigman/661658 GC1Z -3.99% dropped $74.90, or 4.1%, to $1,786.10 an ounce on the Comex division of the New York Mercantile Exchange.
The contract fell $30.60 Tuesday to end at $1,861.30 an ounce. Gold last hit a settlement record on Monday, when it finished at $1,891.90 an ounce.
Investors booked their profits after failing to conquer $1,900 an ounce, analysts said. Read blog post about gold’s 10 worst days.
“People who made a lot of quick bucks are leaving the trade to return at lower points,” said Matt Zeman, head trader and strategist at Kingsview Financial in Chicago.
http://www.marketwatch.com/story/spot-gold-edges-up-in-asia-dec-futures-off-2011-08-24?siteid=nwtam
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