Gold futures fell for the first time in three sessions as some investors sold the metal to cover losses in stock markets fell amid concerns that rising European debt crisis.
Global stocks slumped on speculation that German Chancellor Angela Merkel is preparing for the default Greek, maintaining the size of global equities that are ready to enter the market. The dollar rose to its highest level in more than six months against six major currencies. Gold touches all-time highs of $ 1,923.70 an ounce on Sept. 6.
Gold futures for December delivery fell $ 46.20, or 2.5 percent, to settle at $ 1,813.30 at 1:30 pm in the Comex, New York. Prices rose 2.3 percent in the previous two sessions.
Silver futures for December delivery slipped $ 1.407, or 3.4 percent, to $ 40.217 an ounce on the Comex.
Platinum futures for October delivery fell $ 28.50, or 1.6 percent, to $ 1,809.40 an ounce on the New York Mercantile Exchange. Palladium futures for December delivery was dragged down $ 27.25, or 3.7 percent, to $ 711.35 an ounce.
Source: Bloomberg
