Gold Drops to $1313

Gold held steady near its highest level in two months on Wednesday, supported by a drop in equities and high oil prices, while silver edged back from a 3-month peak.  Gold was little changed at $1,318.04 an ounce by 0000 GMT after rising to $1,325.90 on Tuesday, its strongest since April 15.

U.S. gold was at $1,318.80 an ounce, down $2.50.  Silver, which often tracks gold, dipped to $20.86 an ounce. It had rallied to $21.14 an ounce on Tuesday, its highest since March 18.

Singapore is set to announce the launch of a gold futures contract on Wednesday, two sources familiar with the matter said, joining a race in Asia to provide a viable alternative to the metal’s global benchmark which is under regulatory scrutiny.

CNBC

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