Gold’s riotous ride and gains Friday have all but been eliminated this morning with the US dollar’s emerging strength and the decline of crude oil

The latter was encouraged through a joint statement by G-8 leaders pledging to affect demand and a comment by Saudi Arabia’s oil minister calling Friday’s record-breaking $11 rise of crude "unjustified." That was capped with the a call for an emergency OPEC meeting.

As of 10:10 a.m. (ET), New York spot gold was at $878.20 an ounce for a $14.40 drop, silver fell 16 cents to $16.92 and platinum lost $10 to settle at $2033.

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Silver, gold and platinum — all precious metals, for that matter — are experiencing sharp declines this morning.

A slide in crude oil prices combined with a strengthening U.S. dollar are sighted as reasons for bullion declines.

Spot gold has fallen 2 percent, and platinum by 3 percent. Prior to 11:00 a.m. (ET), New York spot silver was at $17.46 an ounce, gold dropped to $897.10 per ounce and platinum was down to $2,049 an ounce. Precious metal futures declined as well.

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