Gold futures drop as much as $12 on Globex

22 January 2010  MarketWatch

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Gold futures fell by as much as $12 an ounce Friday morning in Asia, extending their losing streak after suffering a drop of more than 3% over the past two sessions in New York. The market was caught up in a broad asset sell-off amid concerns China's economic growth will leading to policy tightening there.

Gold for February delivery tapped a low of $1,090.50 an ounce in electronic trading on Globex, but recovered slightly to trade at $1,092.40, down $10.80 by Tokyo's late morning trade. The contract has already lost a total of $36.80 in the last two New York sessions.