U.S. gold fell more than 1% on Thursday, tracking losses in spot gold prices in late trading, as growing fears over the stability of Italy and the euro zone sank equities and led to liquidation on the gold market.
The most-active U.S. gold futures contract[GCCV1 1762.50 -29.10 (-1.62%) ] lost 1.2 percent to $1,770.6 an ounce, and recovered to $1,773.00 by 0012 GMT. It settled at $1,791.6 on Wednesday.
Spot gold 1759.49 -10.05 (-0.57%) inched up 0.1% to $1,761.50.
U.S. stocks tumbled 3 percent in the market's worst day since mid-August on Wednesday, when the 19-commodity Reuters-Jefferies CRB index 318.46 -4.15 (-1.29%) fell 1.3%, snapping five consecutive sessions of gains.
As Italy moved to the spotlight of the euro zone crisis, a deal on forming a Greek national unity government collapsed as the country headed towards an economic abyss, hours after outgoing Prime Minister George Papandreou said he was handing over to a coalition that does not exist.
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