Gold Futures Settle Lower Ahead of Fiscal Cliff Talks

Gold futures weakened Friday, with investors preparing for the possibility of higher taxes next year as U.S. lawmakers continue work on a budget deal as the year-end deadline approaches, MarketWatch reported.

Gold for February delivery fell $7.80, or 0.4%, to settle at $1,656.30 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices fell 0.3% for the holiday-shortened week.

As 2012 wraps up, "what we're seeing is lot of profit-taking by people who've made pretty good money on gold over the last couple of years," according to Edmund Moy, chief strategist at Morgan Gold and a former director of the United States Mint.

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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.

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