Updated from 12:35 p.m. EDT with settlement prices
NEW YORK (
Gold for December delivery shed $16.90 to close at $1,709.40 an ounce at the Comex division of the New York Mercantile Exchange. The
"We also had a downgrading of Spanish debt, so I think that has put some pressure on the euro," said Jeffrey Nichols, senior economic adviser at Rosland Capital.There was plenty of negative news from across the pond to sink the eurozone's unified currency. Late Monday, Moody's downgraded five regions in Spain. The move came less than a week after the ratings agency decided to leave the country's sovereign debt rating unchanged. In addition, Spain said it doesn't expect to meet its budget deficit target for 2012, and a French business climate indicator dropped to 85, 5 points below the September reading. The euro was dropping against the dollar to $1.2970, down from the prior evening's close of $1.3061.
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