20.10.201713:57:00UTC+00Gold Out Of Style As Stocks Rocket Higher

Gold futures dropped to their lowest in two weeks Friday, as surging stocks boosted appetite for riskier assets.

Markets were in a chipper mood due to progress toward major tax cuts from the Trump Administration.

The Dow Jones Industrial Average jumped 140 points to 23,303, a new record high.

Conversely, Dec. gold slipped $9 to $1280 an ounce, its biggest daily decline in a month.

In economic news, the National Association of Realtors released a report on Friday showing an unexpected rebound in existing home sales in the month of September.

NAR said existing home sales climbed by 0.7 percent to an annual rate of 5.39 million in September from a rate of 5.35 million in August. Economists had expected existing home sales to see further downside and drop to a rate of 5.30 million.