PRECIOUS-Gold down on day, week amid last-ditch US budget talks

http://1goldinvestment.com/precious-gold-down-on-day-week-amid-last-ditch-us-budget-talks/

PRECIOUS-Gold down on day, week amid last-ditch US budget talks

* Palladium hits fresh March highs; platinum sinks to August lows
* Spot gold, futures down half a pct, wiping out weekly gain
* Markets on tenterhooks as Obama calls last-ditch budget meeting

(Adds moves in platinum, palladium)By Barani Krishnan and David Brough
NEW YORK/LONDON, Dec 28 (Reuters) – Gold fell on Friday, wiping out what would have been its first weekly gain since November, as traders priced the market lower while awaiting the outcome of last-ditch U.S. budget talks ahead of a year-end deadline.

Palladium saw the sharpest move of the day. After hitting fresh early March highs, it gave back two-thirds of Thursday’s gains as funds took profits. Platinum sank to four-month lows.

Most markets were on tenterhooks as President Barack Obama met with congressional leaders from the Democratic and Republican parties at the White House to restart stalled talks on the budget.

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