RTRS: Gold tumbles $5/oz as stock markets brace for fall
SYDNEY, Nov 17 (Reuters) - Gold dropped more than $5 on Monday as investors braced for a third straight week of losses on Wall Street following a world leaders' meeting that vowed to toughen oversight of the financial system but stopped short of announcing major regulatory breakthroughs.
-- Spot gold fetching $738.90 at 2358 GMT versus $744.25 late o Friday.
-- G20 leaders agree that "colleges" of international supervisors are needed for all major global financial institutions, such as Swiss-based UBS AG or Goldman Sachs . -- Gold's retreat mirrors decline in oil, which fell over $1 to below $56 a barrel .
-- Australia's S&P/ASX200 stock index <.AXJO> down 2.89 percent.
-- U.S. gold futures for December delivery were running at around $742.50 in electronic trade after settling up $37.50, or 5.3 percent, to $742.50 an ounce on the COMEX division of the New York Mercantile Exchange on Friday.
-- The yen and U.S. dollar push higher and send mixed signals to currency arbitrage speculators in bullion markets.
-- Spot platinum slid $4 to $838 an ounce, while spot palladium shed $1.50 to $212.50 a ounce.
