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News Summary: Gold falls on economic worries

The Associated Press

LUSTER FADES: Gold fell about 1 percent on growing worries about the global economy with pending U.S. budget issues and Europe's recession. Analysts say investors favor holding on to their cash until there is a better idea of where the global economy is headed.

ECONOMIC WOES: President Barack Obama and Republican congressional leaders remained at odds over a way to resolve budget issues before tax hikes and government spending cuts take effect Jan. 1. Meanwhile, new data showed 17 European countries are in recession.

JUICE JUMPS: Orange juice futures rose 3.1 percent as the approaching winter season attracted new buyers.