Gold Sinks Nearly 8% In November

By Sue Chang Markets MarketWatch Pulse

Gold futures sank on Wednesday, notching its worst month of the year, as oil prices rallied after the Organization of the Petroleum Exporting Countries reached a deal to cut oil production that is equivalent to 1% of global output. Crude oil soared on the heels of the news as appetite for risky assets revived. February gold declined $16.90, or 1.4%, to settle at $1,173.90 an ounce. Gold futures fell about 7.9% for the month, based on the settlement for the most-active contract on Oct. 31, notching its biggest monthly drop in 2016.

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