Gold edges higher as investors eye fiscal cliff progress

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Gold edges higher as investors eye fiscal cliff progress
Gold edged higher on the MCX following a firm global trend, as reports that the Congress and the White House would strike a compromise formula on the fiscal cliff saw renewed buying interest.

Gold Futures on the MCX was trading higher at Rs 31,442, up by Rs 110. Internationally, gold futures was trading marginally above the $1700 an ounce level as fresh talks over the fiscal cliff helped sentiments.

Gold has been moving in a range over the last few weeks after peaking earlier in September on hopes that easing measures across the globe would help sentiments.

Investors preferred staying on the sidelines after worries over a deadlock on how to solve the US debt problems and the expiry of Bush era tax cuts came to the fore.

However, fresh monetary easing by central banks across the globe has halted any rapid decline in the commodity as investors look to seek refuge in the precious commodity if inflation rises. Gold has proved to be a perfect hedge against inflation.

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