Gold Drops Double Digits as Federal Reserve Meeting Looms

March 18, 2014

Gold prices on Tuesday drop double-digits, extending selling from late Monday as stronger equities and prospects of more central bank tapering dulls the appeal of the yellow metal. Independent commodities trader Eric Zuccarelli tells TheStreet's Joe Deaux at the New York Mercantile Exchange that gold broke through some technical support, which, combined with more scaling back of monetary stimulus, could push gold further down to about $1,300 an ounce.