Gold sees biggest price drop in more than a year
NEW YORKThe cost of gold plunged Friday amid investor optimism about the the U.S. economy.
Shortly before the end of trading, the price of the metal fell $73 to $1,487 an ounce, its biggest drop in more than a year and the lowest level since July 2011. Gold futures also plunged, notching their biggest one-day fall in more than a year. Gold for June delivery plunged $63.50 to close at $1,501.40 an ounce Friday, the largest drop since February 2012.
In stocks, a drop in energy and mining companies ended a four-day surge in the stock market. The Dow Jones industrial average closed flat points at 14,865. In the first four days of the week the Dow rose 300 points, a gain of 2 percent.
In other trading, the Standard & Poor's 500 fell 5 points, or 0.3 percent, to 1,589. Materials and energy stocks fell the most of the 10 industry groups in the index, 1.7 percent and 1.4 percent. The Nasdaq composite dropped 5 points, or 0.2 percent, to 3,295.
The price of crude oil dropped $2.50 to $91 a barrel in New York trading. The International Energy Agency lowered its forecast for global oil demand this year, echoing predictions made earlier this week by OPEC and the U.S. Energy Department.
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