NEW YORK — Gold fell sharply Tuesday after crude oil retreated and traders cashed in profits following the metal’s flirtation with the historic $1,000 mark. Silver and copper also declined. Other commodities fell across the board, with corn, wheat, soybean and energy futures all trading lower in a broad futures sell-off.

Gold has gained more than 15 percent this year, driven up by record high oil prices, steep declines in the dollar and worries about a U.S. recession. The most-actively traded April contract hit an intraday high of $992 an ounce on Monday _ a record high and just shy of the psychologically important $1,000 barrier.

Gold’s failure to breach the $1,000 mark triggered a sell-off, sending the metal $17.90 lower to settle at $966.30 an ounce Tuesday on the New York Mercantile Exchange. Gold fluctuated widely, trading as high as $990.30 and as low as $958.30.

“Inability to keep the $1,000 level worried latecomers to the party,” George Gero, vice president with RBC Capital Markets Global Futures, said in a note. “However, past sell-offs turned out to be a buying opportunity.” Read full story from the Washington Post

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