Bloomberg reported that lower demand for an investment haven caused gold prices to decline.

The market news is quoted as saying:

Gold futures for December delivery fell $34.40, or 2.1 percent, to settle at $1,618.10 at 1:43 p.m. on the Comex in New York. In trading after the settlement, the metal touched $1,600.50. The price has tumbled 16 percent from a record $1,923.70 on Sept. 6.

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