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.
- Gold rises as banks join investors adding to holdings
- Gold falls as investors seek cash on stock, commodity slump
- Gold, silver fall amid weak global cues
- Gold swings between gains and drops on dollar, easing outlook
- Gold gains first time in 4-day as Korea buys, ECB meets
- Gold gains Rs 225 on seasonal buying, silver up by Rs 500
- Gold rises by Rs 155, silver by 500 on firm global cues
- Gold, silver move up on higher global cues
- Gold dips below Rs 29,000 on weak global cues
- Gold futures surge to record at Rs 25,978 on global cues