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Gold, copper drop as China worries mount

LONDON (MarketWatch) — Gold futures were under renewed pressure Monday, while copper dropped to its lowest level in nearly three years after tightening credit conditions in China triggered a global equity selloff on fears about Chinese economic growth.
Also weighing on the yellow metal, analysts at Goldman Sachs lowered their forecast for gold prices in 2013 and 2014.
Gold for August delivery GCQ3 -1.12% fell $7, or 0.5%, to $1,285 an ounce, after havingsurrendered almost $100 over the course of last week’s trading.

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