Gold in NY tumbles 5.6 pct to close at 1-month low

Newswire

NEW YORK, May 24 (Reuters) - U.S. precious metals plummeted at Wednesday's close, driven by ongoing investment-fund selling and profit-taking in metals and commodities following a recent rally to long-term highs, traders and analysts said. Benchmark gold futures posted a whopping 5.6-percent drop, hitting a fresh one-month low, as the market extended losses from Asia and Europe amid a 2.4 percent decline in oil prices and a bounce in the dollar in late U.S. trading. "It was all funds; ...

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