MW:Gold slumps as euro-zone uncertainty lifts dollar
By Nick Godt
MUMBAI (MarketWatch) -- Gold futures fell on Tuesday as uncertainty over details about European plans to tackle the sovereign debt crisis resurfaced, lifting safe-haven demand for the dollar and pressuring the precious metal and commodities. Gold for December delivery GC1Z -1.25% fell $18.10, or 1%, to $1,707.50 an ounce. On Monday, gold finished down $22 but still finished the month of October with a 6% gain. "Prices succumbed to a stronger dollar as it makes dollar-denominated commodities look expensive for holders of other currencies," analysts at Mumbai-based Angel Broking said in a note. "Even though gold is considered as a safe-haven asset [...] prices are mainly taking direction from risk sentiments in the global financial markets."
