Gold Tumbles to $1,779, Silver Nears $39

Gold and silver futures posted substantial losses Monday amid broad-based liquidation in commodities and a rally in the U.S. dollar.

COMEX gold futures, per the December contract, settled lower by $35.80, or 2.0%, at $1,778.90 per ounce.  In doing so, COMEX gold finished at its lowest closing level since August 25.
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Gold Price Steady as Greek Concerns Mount

The gold price held steady near $1,811 Monday morning as European sovereign debt concerns continued to weigh on financial markets.  The price of gold climbed to as high as $1,832 per ounce in overnight trading but relinquished its gains ahead of the open of U.S. equity markets.  In contrast to the gold price, silver declined alongside cyclical commodities, by 1.1% to $40.23 per ounce.  The stability in the price of gold came after European policymakers failed to develop any new concrete plans for dealing with a potential Greek default in meetings over the weekend.
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Gold Stocks (GDX) Fall, Gold Sinks Below $1,800

Gold stocks turned lower alongside the yellow metal on Monday as the Market Vectors Gold Miners (GDX) fell 0.4% to $63.84 per share.  Gold stocks initially rallied, with the GDX hitting $64.76 this morning, but soon after headed south as gold futures tumbled from $1,810 to as low as $1,778.20 per ounce amid broad-based liquidation on Wall Street.  The S&P/TSX Global Gold Index, a basket of gold stocks in Canada, dropped 0.3% alongside the GDX.
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