Bullions shed more than 1% at Comex

Gold settles at their lowest level since early September Bullion metal prices ended substantially lower on Tuesday, 24 October 2012 at Comex. Gold futures closed sharply lower on Tuesday to settle at their lowest level since early September as downbeat corporate-earnings reports prompted investors to flee equities and commodities and seek safety in the U.S. dollar. Gold for December delivery dropped $16.90, or 1%, to settle at $1,709.40 an ounce on the Comex division of the New York Mercantile Exchange. Prices fell by as much as $21 to a low $1,705.10 during the Comex session. December silver futures settled down 46 cents, or 1.4%, to $31.79 an ounce. US stocks traded sharply lower on Tuesday. As per latest reports, DuPont plans to cut 1,500 employees after reporting a quarterly profit below estimates. Two other Dow components added to investor worries. 3M declined 3.9% after the manufacturer reported a 6.7% profit gain in the third quarter, but reduced its outlook for the full year. Also, United Technologies pointed to soft demand from airlines in narrowing its sales outlook for 2012. The dollar index, which weighs the strength of the dollar against a basket of six other currencies, rose by almsot 0.4% today.