MarketWatch reports gold falls for the 7th week as crude oil prices fell which decreased investment demand for gold.

It dropped to $780.20 earlier, the lowest since November. All told, the benchmark gold contract has slumped about $50 an ounce in the seven trading sessions since Aug. 28.

Mark O’Byrne, Executive Director of Gold & Silver Investments adds:

called $780 “an important support level.” A close below that level could see a further retreat to $750 an ounce.

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