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News // Metal market

Gold Futures Dropped Following Energy Commodities

03 September 2008 , 14:531170
Gold futures slumped nearly $25 on Tuesday to close at a two-week low, following a broad sell-off in commodities as weaker-than-feared Tropical Depression Gustav undermined oil prices, which fell by as much as $10 a barrel.

Gold for December delivery slumped $24.7, or 3%, to end at $810.50 an ounce on the Chicago Board of Trade, the weakest closing level since Aug. 18. It plunged $40 to $795.20 an ounce earlier.

Meanwhile, the benchmark crude-oil contract tumbled as much as $10 to $105.46 a barrel, the lowest in five months.

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