Gold drops sharply from one-year-high

Gold futures on the COMEX division of the New York Mercantile Exchange fell more than 1 percent Monday, as geopolitical tensions surrounding the Korean Peninsula eased and Hurricane Irma proved to be less destructive than initially predicted.

The most active gold contract for December delivery dropped 15.5 U.S. dollars, or 1.15 percent, to settle at 1,335.7 dollars per ounce.

Hurricane Irma, once a Category 5 hurricane, has weakened to a tropical storm after dumping rains across Florida over the weekend.

As for other precious metals, silver for December delivery inched down 22.1 cents, or 1.22 percent, to close at 17.902 dollars per ounce. Platinum for October fell 13.5 dollars, or 1.33 percent, to settle at 998.8 dollars per ounce.