Gold eases but on track for 1st wkly gain this month

http://1goldinvestment.com/gold-eases-but-on-track-for-1st-wkly-gain-this-month/

Gold eases but on track for 1st wkly gain this month

Gold gave up early gains and ticked down on Friday ahead of talks to prevent the United States from plunging off a “fiscal cliff” of tax increases and spending cuts, but prices remained on track for their first weekly gain in a month.

Failure to clinch a deal in the US would likely spur safe-haven buying of bullion, but since many investors have both equities and gold in their portfolios, the metal may also track stock markets higher if the White House and Congress finally reach an agreement.

Gold fell $1.58 to $1,661.71 an ounce by 0649 GMT after rising to as high as $1,665.99. For the year, gold is up around 6%, but well below a record of around $1,920 hit in September 2011, when a worsening debt crisis in Europe sparked a buying rush.

Read more: http://1goldinvestment.com/gold-eases-but-on-track-for-1st-wkly-gain-this-month/