Gold futures drop over 4% to settle at lowest since mid-December

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Gold futures dropped on Friday, settling at their lowest since Dec. 14. “The bearish fundamental of very little risk aversion in the marketplace at present is “working against the safe-haven metals,” said Jim Wyckoff, senior analyst at Kitco.com, in a market update Friday. A higher U.S. Dollar Index is also negative for the metals, he said. Meanwhile, bitcoin, which hit a new record high, may be “stealing some of the trader/investor buying interest that would have in the past been directed to the safe-haven metals,” said Wyckoff. February gold
GCG21,
+0.78%
lost $78.20, or 4.1%, to settle at $1,835.40 an ounce. That was the worst one-day percentage loss for a most-active contract since Nov. 9, according to Dow Jones Market Data.

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