MW: Gold drops $14, inches closer to $1,700 an ounce
By Sara Sjolin
LONDON (MarketWatch)-- Gold futures moved sharply lower on Tuesday, with investors remaining cautious as budget talks in the U.S. appeared to have come to a deadlock, after the White House the prior day rejected House Republicans' tax-revenue plan. Gold for February delivery GCG3 -0.97% lost $14.10, or 0.8%, to $1,706.70 an ounce. Most other metals tracked gold-futures lower, with silver for March delivery SIH3 -1.55% losing 1.2% to $33.34 an ounce. Palladium for the same month PAH3 -1.22% slumped 1% to $684.20 an ounce, while January platinum PLF3 -1.13% gave up 1.1% to $1,596.00. March copper HGH3 +0.15% climbed 0.1% to $3.66 per pound.
