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. Last Updated: 07/27/2016

Gold Sinks Below $300

LONDON -- Gold fell around $3 from its U.S. close in early European business Tuesday, reaching $295 an ounce as bullion continued a correction after a sharp rally in the past month.

Spot gold was quoted at $295.75/$296.75 by 7:30 a.m. compared with the close in New York late Monday at $298/$300.

Gold hit a 3-1/2-week low in New York, triggering stop-loss selling.

"We have seen two-way interest [Tuesday] but some selling brought us close to $295, where there should be buying interest," one Asian dealer said.

He said the $295 level was roughly a 50 percent retracement by gold, which in the past month shot up from 20-year lows to its recent high of about $338.