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| Gold Remains Weak as Fiscal Cliff Draws Closer Posted: 03 Dec 2012 05:16 PM PST Gold remained weak today on worries about the fiscal cliff in the United States. Republican House Speaker John Boehner stated on November 30 that talks about avoiding tax increases and spending cuts were unsuccessful, while President Barack Obama said that he expects the discussions to be prolonged. Worries about the future of the USA hurt commodities and gold is not an exception. The US macroeconomic data was not supportive either. The manufacturing Purchasing Managers’ Index fell from 51.7 to 49 in November, indicating a contraction of the sector. That was the lowest reading since June 2009. February futures for delivery of gold fell $3.30 (0.19 percent) to $1,717.80 per troy ounce on COMEX. |
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