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Gold declined from a five-week high on renewed concerns that Europe’s debt crisis will hamper global growth, damping prospects for commodity demand.
Gold also fell as the dollar rose as much 0.4 percent against a basket of six major currencies, reducing demand for the metal as an alternative asset.
Gold futures for December delivery fell to $1,733 an ounce on the Comex in New York. A close at that level would still leave prices up 6.6 percent this week, the most since January 2009.
Earlier, the metal reached $1,754, the highest since Sept. 23. European leaders agreed on new measures to tackle the region’s debt crisis yesterday.
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