Summary Box: Gold falls on pessimism

AP News
|
Posted: Oct 04, 2011 4:25 PM
Summary Box: Gold falls on pessimism

GOLD DOWN: Gold fell Tuesday as traders begin to doubt that prices can stay near the high reached this summer. Gold for December delivery fell $41.70, or 2.5 percent, to $1,616 an ounce.

LONG FALL: Gold hit a high of $1,891.90 an ounce on Aug. 22 Gold is down 14 percent since early September. Silver is down 31 percent.

INDUSTRIALS FALL: Industrial metals also fell on worries over a recession. That would batter the prices of industrial metals like copper and palladium, which are used as raw ingredients in the world's factories.