Gold for December delivery GCZ4, -0.17% fell $3.60, or 0.3%, to settle $1,241.20 an ounce. December silver SIZ4, -0.33% lost 3 cents to $17.44 an ounce.
Gold hit a five-week high Wednesday as investors sought havens in a rout that slammed U.S. equities. The Dow dropped as much as 460 points and the S&P 500 wiped out its gain for the year before sharply paring losses in a late session rebound. The dollar sold off sharply, which also might have provided some support for precious metals. A weaker currency makes dollar-priced commodities less expensive to users of other currencies.
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