Gold Prices Drop from Record

Gold Prices Drop from Record:U.S. gold futures ended lower Thursday, stepping back from two straight days of record settlements and a previous intraday record, that 10 cents was shy $ 1,685 per ounce. Thursday to sell shares was blamed for losses of gold and silver. U.S. stocks suffered their worst day since the financial crisis by force in 2008, winning gold bullion investors to sell to meet margin calls.

      "Many people who are forced to leave their equity positions, and they are turning to gold to cover their losses," Matthew Zeman, a strategist at Kingsview Financial in Chicago, said in a telephone interview that was quoted on Bloomberg.

December gold prices fell $ 7.30, or 0.4 percent, to $ 1,659.00 an ounce on the Comex in New York. Gold touched an intraday low of $ 1,642.20 and reached the record intraday high of $ 1,684.90.