Metals Stocks: Gold marks first drop in four sessions, then rallies on Globex

Gold ends $20 lower on Nymex, rallies on Globex after U.S. stock market sinks By Polya Lesova & Myra P. Saefong, MarketWatch SAN FRANCISCO (MarketWatch) -- Gold futures closed with a $20-an-ounce loss Thursday in New York as strength in the U.S. dollar and profit-taking prompted the precious metal to suffer its first loss in four trading sessions. Gold prices then rallied in electronic trading on Globex Thursday evening, after U.S. stocks spiraled to fresh five-year lows. See Market Snapshot. Other metals futures, however, finished with gains in New York. And as of 4:30 p.m. EDT Thursday, December gold was at $918.70 on Globex, up 3.6% from the day's Nymex closing level. Gold 'prices are set to surge in the coming months. There will soon be fireworks in these markets and a price surge akin to that seen in the late 1970s.' —... [read full story]