Gold futures were unable to hold on to cautious gains, dropping well below $1,200 an ounce Monday.Gold for February delivery GCG5, -0.09% fell $16.20, or 1.4%, to $1,179.8 an ounce. Silver for March SIH5, +0.20% fell 34.2 cents, or 2.1%, to $15.688 an ounce.
Gold prices initially rose alongside oil, but reversed course before midday. Crude prices also lost ground, while stock prices rose in light pre-Christmas trade.
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