Gold prices drop on firmness of greenback, low oil prices

The price of gold retreated from gains that were made in previous day's trading, as a firmer U.S. dollar and lower crude oil prices led traders to move out of the safe-haven markets, Kitco News reported.

Volatile prices for the metal could continue due to the economic uncertainty that exists in markets right now, and analysts have remained cautious in terms of endorsing the metal, MarketWatch reported.

"In the meantime, however, all markets will be extremely volatile during the transition," Brien Lundin, editor of Gold Newsletter, told the news source.

The price of gold for December delivery, the most actively traded contract, dropped $41.70 to $1,616.00 an ounce, marking a 2.52 percent drop for the metal, CNN reported.

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