Gold inches down, but on track for best weekly gain since Nov

SINGAPORE Fri Dec 28, 2012 6:38am IST

An employee holds a gold Combibar at a plant of gold refiner and bar manufacturer Valcambi SA in the southern Swiss town of Balerna December 20, 2012. REUTERS/Michael Buholzer/Files

An employee holds a gold Combibar at a plant of gold refiner and bar manufacturer Valcambi SA in the southern Swiss town of Balerna December 20, 2012.

Credit: Reuters/Michael Buholzer/Files

Related Topics

SINGAPORE (Reuters) - Gold inched down on Friday ahead of talks to prevent the United States from plunging off a "fiscal cliff" of tax increases and spending cuts, but the metal remained on track for its biggest weekly gain in a month.

FUNDAMENTALS

* Gold had eased 50 cents to $1,662.79 an ounce by 0041 GMT in thin trade.

* U.S. gold for February was little changed at $1,663.70 an ounce.

* President Barack Obama will host a meeting on Friday with the four top congressional leaders, a White House aide said on Thursday, as the president and lawmakers rush to break deadlock over the fiscal cliff days before a year-end deadline.

* Republican leaders in the House of Representatives told their members to be back in Washington from the Christmas holiday break on Sunday in case they need to vote on budget measures.

MARKET NEWS

* The yen hit its lowest point in more than two years on Friday, on strong expectations of drastic monetary easing, underpinning Japanese equities.

* U.S. crude futures edged up to above $91.40 a barrel on Friday.

(Reporting by Lewa Pardomuan; Editing by Joseph Radford)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Literary Giant Dies

Literary Giant Dies

Nobel winner Garcia Marquez, master of magical realism, dies at 87.  Read 

Election 2014

Election 2014

India holds biggest day of voting with BJP gaining strength  Full Article | Full Coverage 

Insider Trading

Insider Trading

Ex-Goldman director Gupta starts prison term on June 17.  Full Article 

Market Eye

Market Eye

Sensex jumps 351 points, snaps 3-day losing streak  Full Article 

Expansion Plans

Expansion Plans

Reliance Industries, HPCL Mittal plan refinery expansions.  Full Article 

S&P on India

S&P on India

S&P: India's ratings to depend on next govt econ, fiscal policies.  Full Article 

Ambitious Aim

Ambitious Aim

In green car race, Toyota adds muscle with fuel-cell launch.  Full Article 

Deal Talk

Deal Talk

Piramal to buy 20 percent stake in Shriram Capital for $334 million.  Full Article 

Bond Market

Bond Market

A star abroad, RBI boss riles bond traders at home  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage