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Gold falls sharply, closes below $1,600 an ounce

Published on NewsOK Modified: February 20, 2013 at 4:30 pm •  Published: February 20, 2013

Other metals prices also fell. Silver dropped 2.7 percent. The March contract gave up 80 cents to end at $28.622. April platinum fell $50.40, or 3 percent, to $1,647.10 and March palladium fell $27.75, or 3.6 percent, to $736.40.

Copper fell 4.15 cents to $3.6080 a pound.

In agricultural futures, March wheat rose 6.25 cents to $7.385 a bushel, March corn rose 5.25 cents to $7.005 a bushel and soybeans fell 12.50 cents to $14.8275 a bushel.

Most energy futures were lower.

April crude lost $1.88, or 2 percent, to finish at $95.22 a barrel on the New York Mercantile Exchange. The March contract, which expires Wednesday, fell $2.20 to end at $94.46 per barrel.

In March contracts, heating oil fell 2.43 cents to end at $3.1563 per gallon, wholesale gasoline fell 6.17 cents to finish at $3.0595 per gallon and natural gas rose 0.7 cent to end at $3.279 per 1,000 cubic feet.