Gold futures fell the most in six weeks as demand for a haven eased after Italian bond yields dropped and a new Greek leader was named, reducing concerns that Europe’s sovereign-debt crisis will escalate. Italy sold 5 billion euros ($6.8 billion) of one-year bills, the maximum for the Treasury auction. Lucas Papademos, a former vice president of the European Central Bank, became the head of a national unity government in Greece. Gold jumped to a record $1,923.70 an ounce on Sept. 6 on demand for an alternative to equities and some currencies.
Gold futures for December delivery fell to $1,736.60 on the Comex in New York. A close at the price would mark the biggest gain for a most-active contract since Sept. 23. Before today, the metal climbed 26 percent in the past year.
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