Markets

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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