Gold drops nearly $30 as investor appetite for riskier assets grows

Gold futures dropped sharply on Monday on signs of growing appetite for riskier assets as Japanese stocks surged 7% and investors cashed in on recent strong gains for the metal.

April gold GCJ6, -3.06%  fell $28.20, or 2.3%, to $1,211.10 an ounce. On Friday, gold finished down $8.40, or 0.7%, at $1,239.40 an ounce, but logged its best weekly gain since Dec. 12, 2008, rising 7.1%, according to FactSet data.

There is no physical metals trading on Monday, but futures trading will run up to 1 p.m. Eastern, then resume at 6 p.m. Eastern, the same as stock futures, according to the CME Group.

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