Gold drops as dollar gains on Spanish downgrade, global growth woes

MTECHTIPS

Gold drops as dollar gains on Spanish downgrade, global growth woes

Gold prices fell in Asian trading on Thursday after Standard & Poor's said it downgraded Spanish sovereign debt, which sent investors rushing to the safety of the dollar, gold's traditional hedge.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were down 0.23% at USD1,761.05 a troy ounce, up from a session low of USD1,760.45 and down from a high of USD1,763.15 a troy ounce.

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