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Gold futures drop to lowest settlement in over 7 weeks

Gold futures drop to lowest settlement in over 7 weeks

Gold futures dropped on Thursday to mark their lowest settlement since mid-October. The precious metal failed to find support from uncertainty surrounding the omicron variant of the coronavirus, as U.S. benchmark stock indexes climbed. February gold fell $21.60, or 1.2%, to settle at $1,762.70 an ounce. That marked the lowest finish for a most-active contract since Oct. 12, according to FactSet data.