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. Last Updated: 07/27/2016

Gold Sinks to New Low




LONDON -- Gold fixed at its lowest level in 11 weeks Tuesday as market talk of possible sales by major gold holder France depressed sentiment.


Gold hovered around the $280-an-ounce level in early Europe after fund sales in New York pushed COMEX gold futures down to 16-week lows Monday.


Speculators were spooked out of stale long positions by the weekend article in French newspaper Le Monde that said the head of the finance committee of the National Assembly had proposed that Bank of France gold reserves be tapped to cover future shortfalls in the pension system.


Gold fixed at $280.30 a troy ounce in London, sharply down from Monday afternoon's $284.15.