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Gold Futures Close Down 0.3% as Barrick Hits 3-Year Low

Gold for August delivery on the Comex division of the New York Mercantile Exchange settled down $5.40, or 0.3%, at US$1,577.40 an ounce. It recovered from a morning low of $1,562.00 with the help of the U.S. dollar coming off two-year highs against the euro.

Gold is struggling to make upward progress amid strength in the greenback, which is attracting more investment because of the worries over the euro zone debt crisis. Spanish and Italian bond yields continued their march upward today.

Barrick Gold, which reports earnings on Thursday under the guidance of new CEO Jamie Sokalsky, hit a three-year low of C$34.17 today, and is currently trading down 1.9% at $34.28.

Kinross Gold, which was downgraded by analysts at Macquarie Research today to a neutral rating, is down 1.1% at $8.07.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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