Summary Box: Gold falls as inflation worries ease

AP News
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Posted: Oct 18, 2011 4:43 PM
Summary Box: Gold falls as inflation worries ease

GOLD DOWN: Gold for December delivery fell $23.80 Tuesday, or 1.4 percent, to settle at $1,652.80 an ounce.

RISING DOLLAR: Gold fell in part because the U.S. dollar gained strength against the euro. Investors often buy gold as protection against inflation. The precious metal is seen as an asset that tends to keeps its value even when currencies fall.

OIL RISES: Benchmark oil gained $1.92 to end at $88.34 per barrel on the New York Mercantile Exchange. Gasoline futures rose 0.4 cents to close at $2.7469 per gallon.