Gold Slumps as U.S. Stock Market Surges, U.S. Dollar Strengthens

Gold prices ended the U.S. day session solidly lower Thursday, on more profit taking from the shorter-term futures traders and on a weakening near-term technical posture that prompted chart-based selling. Less risk aversion in the market place this week, evidenced by the strong rally in the U.S. stock market, has also been a major negative for the safe-haven gold market. December Comex gold was last down $16.50 at $1,229.00 an ounce. Spot gold was last quoted down $12.30 at $1,229.25. December Comex silver last traded down $0.056 at $17.175 an ounce.

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