SAN FRANCISCO (MarketWatch) -- Gold futures dropped by more than $60 an ounce Wednesday morning, extending losses from the previous session as U.S. stocks rallied. Gold for December delivery GC1Z -3.03% fell $61, or 3.2%, to trade at $1,812.30 an ounce on the Comex division of the New York Mercantile Exchange. It touched a low of $1,803.40 earlier. "The gold momentum play in recent months was very sensitive to the Swiss franc and the yen," said Richard Hastings, macro strategist at Global Hunter Securities. "The new swiss franc peg totally damages the correlation and therefore, it hurts gold's momentum. Next support is at approximately $1,775."
