Gold Drops as Dollar Rebounds, Equities, Commodities Slump on Debt Woes

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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