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Wednesday, Dec 28, 2011 8:45 PM UTC

Gold Falls To Its Lowest Level Since July

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Topics: From the Wires,

Gold closed at the lowest level in more than five months Wednesday.

Gold for February delivery fell almost 2 percent, losing $31.40 to end at $1,564.10 an ounce. That’s the lowest closing price since July 12. Silver fell even more sharply, 5 percent. March silver lost $1.506 to end at $27.234 an ounce.

Gold has been dropping for the last month, partly because of signs that the U.S. economy is growing more strongly than had been expected. Many traders bought gold out of fear of weakness in the U.S., but now money is flowing into riskier investments like stocks.

Gold is down 10 percent from the beginning of December.

In other trading, industrial metals like copper and palladium also fell.

Copper for March delivery fell 4.35 cents to $3.3655 per pound. March palladium lost $19.45 cents to $647.15 an ounce. January platinum fell $46.20 to $1,387.70 an ounce.

Crop prices were mostly higher on worries that dry weather in South America will cut exports from that region. Global corn and soybean supplies are at tight levels, so any drop in production could raise worries of a shortage.

March wheat rose 6.5 cents to finish at $6.5125 per bushel. March corn rose 9.25 cents to $6.425 per bushel.

January soybeans fell 1.5 cents to $12.08 per bushel.

Benchmark crude oil fell $1.98 to finish at $99.36 per barrel on the New York Mercantile Exchange. Heating oil lost 1.47 cents to end at $2.9012 per gallon, gasoline futures fell 3.54 cents to $2.6456 per gallon and natural gas lost 2.8 cents to $3.084 per 1,000 cubic feet.

Christopher Leonard

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Gripping photos: The people of the Turkey protests (slideshow)

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  • The protests take on a festive element as police forces move out of the park and square. Wearing a gas mask, this young man dances to traditional Turkish music in front of Taksim Square’s Ataturk Monument.

  • In Gezi Park since March 31st, this protester, originally caught off-guard by the Government’s teargas and water cannons, went out and bought a Russian army mask from WWII, preparing for what was to come.

  • This rambunctious boy seems to be enjoying the chaos. After taking this picture he threw a stone at the already destroyed building in the background.

  • Forming a line, the police face off directly with protesters in Taksim Square. After a while, they retreated and there was a general cheer – a back-and-forth dance that has been common since the beginning of this protest.

  • An elderly woman in Gezi Park reads the news. The tent community occupying the park was violently destroyed on June 16th.

  • Many different groups had set up booths to promote their cause in Taksim Square and Gezi Park. Standing in front of one, this man waves his flag while posing with conviction.

  • Many home-remedies are used to minimize the effects of tear gas. This woman has put a milky solution on her face, removing her mask after the tear gas dissipated. Before sunrise, the police came again for another round of teargasing.

  • People capitalize on the uprising -- selling flags, beer, gas masks, sky lanterns and spray paint to name just a few of the popular items.

  • On Monday morning, June 11, the police execute a strong offensive. Many plain-clothed police officers, like the ones seen here, clash with protesters in the side streets away from the main stand-off in Taksim.

  • The authorities seem to be most aggressive in the night, pushing protesters away from the square and park. After being teargassed this young woman catches her breath with other protesters on Siraselviler Street.

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