Gold futures fell in New York as U.S. lawmakers prepared to meet for budget talks, crimping demand for the precious metal as an investment haven, Bloomberg reported.
The lawmakers return to Washington today for negotiations aimed at avoiding more than $600 billion in automatic tax increases and spending cuts that will take effect Jan. 1. Republican House leaders will hold a conference call with party members today to discuss their options.
Gold futures for February delivery declined 0.4% to $1,654.80 an ounce on the Comex in New York. Prices have fallen 3.4% this month. The precious metal has gained 5.6% this year, heading for a 12th straight annual increase, as central banks from the U.S. to China announced stimulus measures to boost growth.
Silver futures for March delivery slid 0.1% to $30.015 an ounce in New York.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
