Summary Box: Gold falls for third straight day

AP News
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Posted: Oct 19, 2011 3:45 PM
Summary Box: Gold falls for third straight day

FALLING GOLD: Gold prices closed lower for the third straight day. Gold has now lost all of the ground gained in this month's rally. Gold for December delivery fell $5.80 to settle at $1,647 an ounce.

RALLY ENDS: That's the first time gold closed below $1,650 an ounce since Oct. 7. Gold hit a record high of $1,891.90 in late August. Prices began to fall after that on worries that gold had risen too high.

OIL DOWN: Oil prices also fell. Benchmark oil fell $2.24, or 2.5 percent, to end at $86.29 per barrel on the New York Mercantile Exchange. Gasoline futures dropped 7.54 cents to close at $2.6715 per gallon.