Gold drops on late equity bounce

Sept. 12, 2011 at 6:12 PM
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NEW YORK, Sept. 12 (UPI) -- Gold prices dropped sharply on the Comex division of the New York Mercantile Exchange Monday, as equities found late traction on Wall Street.

Stocks were down in Asia and Europe, but made a late turnaround in New York on a report in the Financial Times that China may come to Italy's aid with a significant purchase of Italian bonds.

Gold prices shed $42 in New York to $1,817.50 per troy ounce as the dollar index also turned around from early gains to a slight decline, off 0.09 percent.

Oil prices gained modestly, adding $1.70 to reach $88.94 per barrel.

The euro rose to $1.3672 from Friday's $1.3657. Against the yen, the dollar fell 77.16 yen from Friday's 77.60 yen.

The dollar was mostly stronger in Asia and mixed in Europe. The British pound fell to $1.5861 from Friday's $1.5883. The U.S. standard rose to 7.8026 Hong Kong dollars from 7.796 HKD.

The dollar dropped to 1,074.30 South Korean won from 1,077.60 won.

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