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Gold Set to Fall on Concern Europe Crisis to Boost Dollar

Gold declined for the first time in three sessions amid signs that Europe’s crisis is intensifying.

Spanish and Italian borrowing costs rose at debt sales amid concern that a European Union summit this week will fail to solve the sovereign debt crisis. The precious metal has tumbled 5.8 percent this quarter, heading for the biggest such loss since 2004, as investors favored the dollar as a haven investment. The greenback was up 6.7 percent against the euro this quarter through yesterday.