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, -3.30% 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.
Analysts at Commerzbank said investors were cashing out of the huge run for gold prices last week. “The SPDR Gold Trust GLD, -0.59% the world’s largest gold ETF, saw outflows of 5.1 tons on Friday, its most pronounced daily outflow since the beginning of December,” said the analysts.
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