Gold near four-month low, U.S. budget talks watched
SINGAPORE (Reuters) - Gold regained some footing on Friday as the euro stayed near an eight-month high against the dollar and talks to avoid a fiscal crisis in the United States seemed to stall again, but the metal was still on track for its fourth weekly fall.
* Gold was little changed at $1,647.06 an ounce by 0045 GMT after falling to its weakest level since August in the previous session on heavy liquidation by hedge funds and signs of an improving U.S. economy.
* U.S. gold for February rose $2.30 an ounce to $1,648.20.
* The U.S. House of Representatives abruptly recessed on Thursday amid uncertainty whether Republicans had the votes needed to pass a "fiscal cliff" tax plan offered by Speaker John Boehner.
* Iraq made its first major move in years to bolster its gold reserves in recent months, while Brazil increased its holdings of bullion by almost a third in November, data from the International Monetary Fund showed on Thursday.
* Despite the euro zone's own debt problems, the euro was on track to end the year some 2 percent higher against the greenback. It was at $1.3251, near an eight-month high around $1.3309 set this week.
* Japan's Nikkei share average rose on Friday and may test a nine-month high after Wall Street stocks climbed on hopes for progress in U.S. fiscal talks, with exporters gaining on a weaker yen. .T
* U.S. crude stayed above $90 a barrel after five days of gains, though prices pulled back a touch on caution over U.S. budget talks as Republicans in the U.S. Congress pushed ahead with a plan that stands no chance of becoming law.
(Reporting by Lewa Pardomuan; Editing by Eric Meijer)
- Tweet this
- Share this
- Digg this
India could allow commercial coal mining by foreign companies if they set up units in the country, opening the door for global giants like Rio Tinto to access the world's fifth largest coal reserves, a source familiar with the matter said. Full Article