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Gold Declines to Four-Week Low on U.S. Jobs Data; Silver Slumps

Gold fell to the lowest in almost four weeks amid signs of slowing U.S. growth and as the dollar gained on speculation that European Union leaders will struggle to solve the debt crisis. Silver slumped to the cheapest in 19 months.

The number of applications for U.S. unemployment benefits hovered last week near the highest level of the year, the Labor Department said. EU leaders meet today and tomorrow for the 19th summit on battling the fiscal turmoil. This quarter, gold has dropped 7.3 percent, heading for the biggest decline in eight years, while the dollar has gained 4.9 percent against a basket of six currencies.