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Gold futures fell the most in a week as commodities and equities slumped after Fitch Rating said U.S. banks face a “serious risk” from Europe’s debt woes.
The MSCI World Index of equities slumped for a fourth day, and the Standard & Poor’s GSCI index of 24 raw materials fell the most in three weeks. Fitch said yesterday that “the broad credit outlook for the U.S. banking industry could worsen,” unless Europe’s woes are resolved soon. Before today, gold rose 25 percent this year on demand for a store of value.
Average physical gold purchases in the past two weeks in India, the world’s biggest consumer, has been the lowest since mid-June 2010, UBS AG said a report.
The dollar was little changed against a basket of major currencies after a three-day rally.
Gold futures for December delivery fell to $1,733 an ounce on the Comex in New York. A close at that price would mark the biggest drop for a most- active contract since Nov. 10.
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