Gold drops as ETF backed by bullion falls 33% this year

Gold declined on Monday falling for the first time in a five-day period and was set to record its largest yearly drop in 30 years as holdings in ETF backed by the precious metal slipped 33% and recorded the biggest slump since 2009. Bullion for December settlement slid 0.5% to $1,206.81 an ounce and last stood at $1,207.69 as of 2:23 p.m. Singapore time.