Gold prices took a hard fall Monday as the worries that drove prices up last week dissipate and investors push the stock market up.
Gold for August delivery sank $30.70, or 2 percent, to settle at $1,306.70 an ounce. Silver for September dropped 55 cents, or nearly 3 percent, to $20.91 an ounce.
The sharp fall for gold wiped out its gains for the month. Last week, concerns over the stability of European banks sent gold prices up and weighed on stocks.
On Monday, however, those worries had eased and traders pulled out of precious metals and into stocks.
Industrial metals also sank. Copper for September delivery lost 2 cents to $3.25 a pound. Platinum for October sank $20.80 to $1,493.00 an ounce, while palladium for September sank $3.30 to $872.00 an ounce.
In other trading, wheat rose 12 cents to $5.38 a bushel. Corn rose 4 cents to $3.88 a bushel and soybeans rose 11 cents to $10.86 a bushel.
Crude oil edged up 8 cents to end at $100.91 a barrel on the New York Mercantile Exchange.
In other energy futures trading on the Nymex:
- Wholesale gasoline rose 2 cents to $2.93 a gallon.
- Heating oil added a penny to $2.87 a gallon.
- Natural gas was unchanged at $4.15 per 1,000 cubic feet.