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Gold steadies before critical U.S. budget talks

Publish Date29/11/2012 07:53:18 AM

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Gold steadies before critical U.S. budget talks

Precious-Gold steadied on Thursday trading ahead of critical meeting between Treasury Secretary Geithner and congressional leaders to negotiate the so-called fiscal cliff which is threatening of a possible recession in the U.S. and global economy.  

The shiny metal fell sharply yesterday to hit a low of $1705.90 an ounce, recording its biggest daily decline in nearly four weeks, where it is currently stable near the day`s opening around $1720.30.  

The main focus in markets is on the fiscal cliff with some optimism after U.S. house speaker John Boehner said lawmakers could reach an agreement that would avoid the sharp spending cuts and tax increases worth $607 billion set to take effect from January.

Today, Geithner will meet separately with each of the four top leaders in Congress to come out with a strong solution that will probably watering down the cliff on several years.   

Moreover, another important report from the U.S., which is expected to show the U.S. economy expanded an annualized 2.8% in the three months through September, is likely to be carefully watched by investors.  

In the euro area, economic confidence will grab attention, especially after Moody’s Investors Service mentioned in a report today that Greece’s debt burden remains unsustainable despite the debt agreement clinched between eurogroup finance ministers and the IMF on Monday.

In the FX market, the dollar inched up after dropping yesterday, where it is predicted to be affected by today`s budget talks.  

The dollar index, which tracks the dollar movements versus a basket of major currencies, rose to 80.30 after opening today`s trades at 80.28, where it dropped yesterday after facing strong resistance at 80.50 levels which represents SMA 100 level on the daily charts.     

Crude oil for January`s delivery ticked up to $86.75 a barrel compared with the day`s opening level of $86.68.

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