Gold Turns Lower as Wider Markets Slide

Reuters reported that gold prices dropped along with other markets.

As quoted in the market news:

U.S. stocks dropped around 2 percent and European shares by 3.2 percent, while oil slid by more than $2 a barrel and industrial metals such as copper and nickel fell on growing fears the euro zone sovereign debt crisis could spread to banks. Spot gold was down 0.7 percent at $1,645.90 an ounce at 1413 GMT, having earlier risen as high as $1,678 an ounce.

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