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Gold slumps as Japan intervention lifts USD * *PIC*

Gold slumps as Japan intervention lifts dollar ( GC1Z DXY ) (by Nick Godt)

MUMBAI (MarketWatch) -- Gold futures fell on Monday as Japan intervened in currency markets to pressure the yen, giving a sharp lift to the dollar and pressuring the precious metal along with commodities. Gold for December delivery (gc1z) fell $29.10, or 1.7%, to $1,718.10 an ounce. Last week, the precious metal rose 6.8% after European leaders announced a plan to tackle the region's sovereign debt crisis. The announcement lifted the euro and took out some safe-haven flows from the dollar. But in Japan, concerns have mounted over the competitiveness of exports as first the euro and then the dollar slump sent the yen to post-World War II highs. On Monday, Finance Minister Jun Azumi said that the Bank of Japan had intervened in the currency market to stem the yen's appreciation.