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Gold Prices Drop on Demand Concerns: Report

Gold futures dropped Thursday, coming under pressure after a report about a decline in quarterly global demand for the precious metal, MarketWatch reported.

Gold for December delivery slumped $16.30, or 0.9%, to settle at $1,713.80 an ounce on the Comex division of the New York Mercantile Exchange. December gold traded as low as $1,704.50.

Prices had fallen more than $20, according to FactSet data, after the World Gold Council said global demand for gold in tonnage terms fell 11% in the third quarter from the year-ago period.

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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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