Gold drops in sudden move lower

Gold futures dropped suddenly earlier on Friday to trade almost 1 percent lower.

Trading volume also picked up during the selling activity.

Gold futures for December delivery were down 0.9 percent at $1,275.60 per ounce as of 2:22 p.m. in New York after stabilizing following the sudden decline.

It was not immediately clear what caused the drop.

Gold was set for a weekly gain as stocks fell and uncertainty about the timing of the U.S. tax reform plan increased, pushing investors into the arms of the safe-haven trade.