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Gold trades tight, U.S. congress meeting eyed

Publish Date27/12/2012 08:07:26 AM

Last Update27/12/2012 08:27:03 AM

Gold trades tight, U.S. congress meeting eyed

Gold remained steady at $1,650 an ounce on Thursday, locked in low volumes since the start of the week as President Barack Obama and Lawmakers turn back to negotiations following the Christmas vacation amid growing concerns over the so-called fiscal cliff.

Uncertainty is still dominating global markets amid deadlocked budget talks between Republicans and Democrats, with failure between the two parties will stave off the “fiscal cliff” threatening to push the economy back to recession.

President Obama had to cut his short family vacation to work on the unfinished negotiations over Jan.1 deadline for budget reforms.

Mr. Obama and lawmakers meet Thursday and focus will shift to the U.S. Senate after Republicans in the House of Representatives failed to pass their own budget measures last week.

Gold is expected to trade in a tight range yet the market is likely to show some movements in Europe as the European markets opens after closing for Christmas day and Boxing Day.

As of 07:39 GMT, gold lost about 0.13% to trade around $1,657.50 an ounce after opening at $1658.93, recording an intraday high of $1,659.06 and low of $1,653.28.

Among other precious metals, sliver was little changed around $29.98 after opening at $29.99, while recording a session high of $30.12 and low of $29.87.

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