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Gold falls on uncertainty over US budget talks

Source : AP
Last Updated: Thu, Dec 13, 2012 21:00 hrs

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Gold for February delivery dropped $21.10 to finish Thursday at $1,696.80 per ounce.

Investors are uncertain about what's ahead if Republicans and President Barack Obama fail to agree on a new budget. Without an agreement, tax increases and spending cuts will take place Jan. 1 that many economists believe could send the U.S. into a recession.

The Federal Reserve has announced measures to support the economy but predicts growth will be no more than 3 percent in 2013.

In other trading, prices are lower for industrial metals, oil, wholesale gasoline, wheat and corn. Orange juice futures and soybeans are higher.




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  Cities   Price (10g)
  Chennai   Rs. 24500.00 (-0.33%)
  Mumbai   Rs. 25480.00 (-0.08%)
  Delhi   Rs. 25200.00 (0%)
  Kolkata   Rs. 25000.00 (0%)
  Kerala   Rs. 24400.00 (-0.41%)
  Bangalore   Rs. 24450.00 (0%)
  Hyderabad   Rs. 24580.00 (0%)
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