Metal prices follow stocks lower

Associated Press Modified: September 26, 2012 at 3:15 pm •  Published: September 26, 2012
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NEW YORK (AP) — The prices of gold, most other metals and crude oil fell Wednesday, following the stock market down, as unrest grew in Europe and uncertainty lingered about the world economy.

Gold for December delivery fell $12.80 an ounce to finish at $1,753.60 an ounce. Gold has pulled back this week after a summer-long rally took it from about $1,550 an ounce to almost $1,800 an ounce on expectations that stimulus measures would be imposed in Europe and the U.S. to help boost economic growth.

Benchmark crude fell below $90 as protests raged in Greece and Spain over spending cuts and tax increases designed to resolve a debt crisis. Oil finished the day at $89.98 per barrel, down $1.39.

Police fired tear gas at rioters hurling gasoline bombs and chunks of marble during Greece's largest anti-austerity demonstration in six months. At least 38 people were arrested and 64 injured in protests in Spain.

The protests in Europe shattered a relative calm and raised investor fears that the region still does not have control of its three-year-old debt crisis, despite a bold plan by the European Central Bank to buy bonds of indebted countries.

The unrest in Europe led traders to abandon risky assets, said Sterling Smith, a futures specialist with Citi in Chicago.



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