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by Stockwatch Business Reporter

New York spot gold fell $6.30 to $1,208.70 Tuesday, dropping to a nine-month low as the U.S. dollar continued to rise. Gold has lost $79 this month, and has fallen $120 in the past year. It could receive a boost after Nov. 30. That day Swiss citizens will head to the polls to vote on whether their national bank should increase its gold reserves to 20 per cent. Currently, the Swiss National Bank owns 1,040 tonnes of gold, 7.7 per cent of reserves. To reach 20 per cent it would need to buy another 1,500 tonnes, about one year of world production. In Canada, the TSX Venture Exchange slipped 3.47 points to 909.29 (it has dropped 114 points this month), and the TSX Gold Index lost 2.4 points to 166.55.

Larger Canadian gold miners ended the day lower. Barrick Gold Corp. (ABX) lost 24 cents to $16.47, Goldcorp Inc. (G) lost 21 cents to $25.82, Detour Gold Corp. (DGC) dropped 56 cents to $8.78 and Yamana Gold Inc. (YRI) slipped seven cents to $6.72.

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