Gold Sinks Nearly 8% In November

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.