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Gold futures fell from a 10-month high in New York on renewed concern that demand in Asia will remain slow.
Imports of gold by India, the world’s top buyer, fell 56 percent in the second quarter, according to the World Gold Council. Standard Bank Plc said in a report today that weak bullion demand has been in place since mid-September and is the most severe in more than a year. In the three months ended Sept. 30, prices jumped 11 percent, the most since June 2010, as a third round of monetary stimulus in the U.S. revived demand for the metal as a hedge against future inflation.
Gold futures for December delivery fell 0.4 percent to $1,776.90 an ounce at 10:14 a.m. on the Comex in New York, declining for the second time in three sessions. Yesterday, prices reached $1,794.40, the highest for a most-active contract since Nov. 14.
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