Gold drops below $1,800 after central bank action ( GC1Z ) (by Laura Mandaro)
SAN FRANCISCO (MarketWatch) -- Gold futures deepened their decline Thursday after the European Central Bank announced a coordinated action with other central banks to provide U.S. dollar liquidity. Gold for December delivery (gc1z) was down $32.90, or 1.8%, at $1,793.1 an ounce, deepening losses from Asia and Europe trading as the U.S. session got into full swing. The coordinated central bank move came amid a series of largely lackluster U.S. economic reports and accelerating worries about European sovereign debt and bank-funding costs. U.S. stocks rallied, while Treasurys and the U.S. dollar dropped.