Gold futures ended Tuesday at a nearly two-week low after news reports indicated tentative signs of progress in talks between Russia and Ukraine. The contract for December delivery dropped $5.40, or 0.4%, to settle at $1,258.40 an ounce on the Comex division of the New York Mercantile Exchange.
The price of gold has been falling since the beginning of October when it reached its highest level this year at $1,360 an ounce. The decline in gold prices has been attributed to a number of factors including uncertainty over monetary policy and expectations that economic growth will slow down due to slower global growth and a stronger dollar.