Markets

Sector Update: Comex, Spot Gold Down In Morning Trade

December Comex gold futures prices are down 0.97% to $1,356.30, as traders take some profit off the table. Prices are also seeing a downside technical correction following the big rally earlier this week. Spot gold was down $9.79 at $1356.46.

Looming over gold prices are the U.S. budget and debt ceiling issues will be debated by Congress and the Obama administration over the coming weeks.

Also affecting gold this week was the Federal Reserve decision to maintain its bond-buying program at $85 billion per month although many traders are still expecting "tapering" to be in the cards.

Globally, Indian demand has softened, with the Indian government slapping a 15% import duty on gold jewelry.

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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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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