Gold fell in London and New York as crude oil slid below $70 a barrel for the first time since June, eroding the metal's appeal as a hedge against inflation.

Gold for immediate delivery in London fell as much as $2.77, or 0.5 percent, to $611.23 an ounce and traded at that level as of 3:22 p.m. local time.

Gold futures for December delivery fell $5.10, or 0.8 percent, to $620.20 an ounce on the Comex division of the New York Mercantile Exchange.