Gold price slumps to one-year low, silver price breaks $50 as mining stocks tank

Gold fell to its lowest in a year on Friday and silver dropped below $50 an ounce as rising oil prices hardened bets on another Federal Reserve rate hike and a deepening rout in technology stocks forced investors to sell the metals to cover losses elsewhere, dragging gold and silver producers down as much as 8%. Spot gold fell as much as 3. 2% to $3,891. 67 an ounce, its weakest since Oct. 28 last year, and was trading down 2. 7% at $3,910. 53 by late morning in New York. Comex gold for December delivery dropped 3. 1% to $3,907. 90 an ounce after touching $3,900. 90, a week after sliding below $4,000 for the first time since July . Click on chart for live prices.