Gold – Gold Sees Modest Gains amid US Economic Uncertainties
The price of gold was able to advance close to $10 an ounce during European trading yesterday, as concerns regarding the impending US “fiscal cliff” boosted gold’s safe-haven status among investors. After trading as high as $1717.29 during mid-day trading, the precious metal dropped back to the $1713 level by the end of the European session.
Today, gold traders will want to pay attention to the ongoing budget negotiations between US Congressional leaders and President Obama. Any sign that a deal is closer to being reached may result in dollar gains, which could result in the price of gold falling as a result.
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