Gold Dips as Investors Sell to Cover Losses

Sydney Morning Herald reported that investor sell-offs pushed gold prices down to less than $1600.

The market news is quoted as saying:

Gold for December delivery fell as much as $US104.80, or 6.4 per cent, to $US1,535 an ounce, the lowest since July 8, and was at $US1,600.10 by 12:21 p.m. on the Comex in New York. Immediate- delivery gold was 3.1 per cent lower at $US1,603.72 in London.

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