Gold futures lose $12 an ounce in two days

Last Update: 1:55 PM ET May 18, 2006

SAN FRANCISCO -- Gold futures closed Thursday at a nearly two-week low to tally a two-session loss of more than $12 an ounce. Prices finished the day almost 6% below their week-ago level of $721.50, which was the highest futures settlement price in nearly 26 years. June gold closed at $680.90, down $10.90. July silver dropped 72 cents, or 5.4%, to close at a three-week low of $12.52 an ounce. July platinum fell 1.4% and June palladium lost 2.8%. But July copper gained 3.95 cents to close at $3.711 a pound.