Gold could face its own OPEC moment as Swiss referendum nears

Gold prices took a dive on Friday as the market geared up for what could be the metal’s own OPEC moment — when Switzerland will vote on whether its central bank should hold more gold and bring back its other gold reserves held in places like Canada and the U.K.

December gold GCZ4, -2.60%  fell $21.40, or 1.8%, to $1,175.20 an ounce, while silver SIZ4, -7.15%  tumbled $1.06 cents, or 6.4%, to $15.49 an ounce. U.S. markets took a holiday on Thursday and closed early on Friday at the Chicago Mercantile Exchange.