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Gold drops as some investors sell amid US budget negotiations

Gold fell for the first time in five days as some investors sold the metal amid negotiations between US lawmakers to strike a budget deal before the year-end.

Gold lost 0.4 per cent to 1,653.55 dollar an ounce. Bullion is 6 per cent higher this year, set for a 12th annual gain, as investors sought the metal as a protection of wealth after central banks around the world took steps to stimulate economies. Silver was little changed at 30  dollar an ounce, after swinging between gains and losses. The metal has climbed 7.8 per cent in 2012 as holdings in exchange-traded products rose 9.4 per cent this year to a record 18,915.13 metric tonnes.

President Barack Obama and Congress return to Washington today and have five days to reach a deal to avert more than USD 600 billion in automatic spending cuts and tax increases from January 1, known as the fiscal cliff. Treasury Secretary Timothy F Geithner said he will take “extraordinary measures” to postpone a US default into early 2013 amid the stalled talks.

Related posts:

  1. Gold, silver fall amid weak global cues
  2. Gold swings between gains and drops on dollar, easing outlook
  3. Gold falls as investors seek cash on stock, commodity slump
  4. Gold rises as banks join investors adding to holdings
  5. Gold up as weaker dollar spurs investor demand
  6. Gold gains Rs 225 on seasonal buying, silver up by Rs 500
  7. Gold dips below Rs 29,000 on weak global cues
  8. Gold gains Rs 25 on wedding demand, global cues
  9. Gold sets new record of Rs 30,400 on strong global cues
  10. Gold declines by Rs 180; silver gains Rs 225

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