|  U.S. gold prices plummeted nearly $102 toward $1,600 an ounce on Friday, capping the biggest weekly loss since February 1983. The daily drop was the largest since January 22, 1980.
"The bull case for gold is on pause for the near term," Reuters quoted Adam Klopfenstein, senior market strategist for precious metals at MF Global in Chicago. "In the near-term, the flight-to-quality interest in owning gold is also out of the window as people are not interested in buying it even in the face of fears in the economy. Until it stabilizes, I'm staying out of this market."
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