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Gold falls as court backs German bailout efforts

Gold falls as court backs German bailout efforts

Gold prices are falling sharply after a court supported Germany's efforts to help its financially troubled neighbors.
The ruling increased optimism among investors that Europe's persistent sovereign debt problems could be resolved.
Gold fell $55.70, or 3 percent, to end at $1,817.60 an ounce Wednesday.
Gold also was hurt by a new report that showed German industrial production increased 4 percent in July after falling 1.1 percent in June.
Investors are selling gold for a profit after its recent run-up and moving money into other markets such as stocks. Gold is still up 28 percent this year.
Oil rose 3.9 percent. Other metals were mixed and agricultural contracts fell.


Updated : 2021-05-12 14:29 GMT+08:00