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Gold Retreats as Dollar Extends Advance; Silver Declines

Gold fell to a two-week low as the dollar rose amid concern that the crisis in Spain is worsening, crimping demand for the metal as an alternative investment.

The dollar gained for the third straight day against a basket of six currencies as clashes in Madrid preceded a general strike in Athens to protest austerity measures at the center of Europe’s financial crisis. The Bank of Spain said the economy kept falling at a “significant pace” in the third quarter. Gold has climbed 9.3 percent this quarter, partly on speculation that Europe’s leaders would be able to stem the region’s fiscal woes.