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Gold falls by 0.25% as fiscal cliff talks continue

By Religare

Gold falls by 0.25% as fiscal cliff talks continue
Gold prices fell by 0.25 per cent on Monday at the domestic markets as investors remained on the sidelines and refrained from buying activity as the U.S. policymakers carried on with their discussions over the fiscal cliff and in spite of all the negotiations, no resolution appears imminent. Gold futures for February 2013 contract, at MCX, were trading at Rs. 31,130 per 10 grams, down by 0.25 per cent after opening at Rs. 31,162 against the previous closing price of Rs. 31,208. It touched the intra-day low of Rs. 31,123 till the trading. (At 11.27 AM today).

Sentiment weakened further as a stronger dollar makes gold expensive for those holding other currencies, thus reducing demand. The U.S. dollar index, a measure of the value of the United States dollar relative to a basket of foreign currencies, was trading 0.10 per cent higher at 79.658 on the Inter-Continental Exchange (ICE) at 11.27 AM IST.

However, losses were limited as House Speaker John Boehner, a Republican who was previously against tax increases of any kind, has shown a willingness to let the tax rate rise on U.S. taxpayers earning more than $1 million per year.

At the Commodity Exchange (COMEX), gold futures for February 2013 delivery traded at US$1,692.3 per ounce, down by 0.28 per cent. It opened at US$1,698.4 against the previous closing price of US$1,697. It touched the intra-day low of US$1,690. (At 11.28 am IST).

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