Gold suffers from biggest one-day loss in more than two weeks

Gold futures fell on Monday, with analysts attributing the largest one-day loss in more than two weeks to speculators locking in profits scored during a run-up that had lifted prices to a four-month high.

Gold for December delivery GCZ5, -0.34% fell $10.30, or 0.8%, to settle at $1,172.80 an ounce on Comex. That was the largest one-day dollar and percentage decline since Sept. 30. Prices had seen a gain of 2.4% last week. December silver HGZ5, -0.44%  also fell 27.3 cents, or 1.7%, to $15.841 an ounce but held on to a year-to-date gain.

Commerzbank commodity analysts in a note attributed Monday’s decline to profit-taking and noted that the recent multi-month high “was driven largely by speculation, as the [Commodity Futures Trading Commission’s] data show.”

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