Skip to content
Subscriber Only

Gold Drops on Investor Sales to Cover Losses in Equity Slump

Gold futures fell for the first time in three sessions as some investors sold the metal to cover losses in equities that dropped on concerns that the European debt crisis is escalating.

Stocks slumped globally on speculation that German Chancellor Angela Merkel is preparing for a Greek default, leaving a gauge of global equities poised for a bear market. The dollar climbed to the highest level in more than six months against six major currencies. Gold touched an all-time high of $1,923.70 an ounce on Sept. 6 and today set records priced in euros and Swiss francs.