Investors lock in profits on commodities as gold prices drop over 1%

U.S. private sector job growth in December was weaker than expected, boosting market expectations for a rate cut by the Federal Reserve, and gold prices fell from their highs on Wednesday.

Spot gold recently dropped by $33.6 or 0.8% to $4,461 per ounce. February gold futures fell by $25 or 0.5% to $4,471 per ounce.

March silver futures fell by 3.3% to $78.3 per ounce.

March copper futures fell by 3% to $5.9 per pound.

February platinum futures fell by 6.3% to $2,287 per ounce.

March palladium futures fell by 4.5% to $1,801 per ounce