Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures slipped under $1,700 an ounce Monday as wholesale asset selling intensified and investors seemed to think cash was the only place left to hide. Gold for December delivery lost $46.50, or 2.7%, to settle at $1,678.60 an ounce on the Comex division of the New York Mercantile Exchange. That was the metal�s lowest finish since Oct. 24. �Gold is caught in the same flight to cash as everything else,� said Adrian Ash, head of research at BullionVault.

Investors worried about the impending failure of the �supercommittee� in the U.S., in which lawmakers of a deficit-reduction panel could not agree on how to shave more than $1 trillion in federal debt. That added to lingering concerns about the euro zone�s debt crisis, with France back in the spotlight. Rising government borrowing costs and an uncertain economic outlook continue to pose a threat to the outlook of France�s AAA credit rating, Moody�s Investors Service said Monday. See full story.