Gold drops $14, inches closer to $1,700 an ounce

Gold drops $14, inches closer to $1,700 an ounce
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 (CNS:GCG3) lost $14.10, or 0.8%, to $1,706.70 an ounce. Most other metals tracked gold-futures lower, with silver for March delivery (COMEX:SIH3) losing 1.2% to $33.34 an ounce. Palladium for the same month (NYMEXAH3) slumped 1% to $684.20 an ounce, while January platinum (NYMEXLF3) gave up 1.1% to $1,596.00. March copper (CNS:HGH3) climbed 0.1% to $3.66 per pound.