Gold edged slightly higher on Monday after posting the biggest weekly gain since late August as many investors look towards gold as a safe-haven investment. Right now, many are awaiting President Obama's plan to avoid the coming fiscal cliff that will be occurring in January.
Lewa Pardomuan
Mon Nov 12, 2012 6:18am IST
Reuters
SINGAPORE, Nov 12 (Reuters) - Gold edged up on Monday after posting its biggest weekly gain since late August on safe-haven buying driven by worries the United States could return to recession if Congress fails to reach a deficit-reduction deal.
FUNDAMENTALS
* Gold added $3.03 an ounce to $1,733.94 by 0025 GMT,
holding near a 3-week high around $1,738 struck on Friday.
* U.S. gold for December rose $3.30 an ounce to
$1,734.20.
* Congress and President Barack Obama may return after the
presidential elections with a plan - perhaps a temporary fix -
to avoid the $600 billion in tax increases and budget cuts set
to start in January.
* The Agricultural Bank of China plans to launch
trading of precious metals overseas in the next year or two,
even though Chinese investors' enthusiasm for the metals has
cooled this year, a senior executive said.
* Comments by China's two top banking officials playing down
the risks of bad debt in the banking system provided the latest
upbeat comments from Beijing suggesting seven straight quarters
of slowing growth have ended.
* For the top stories on metals and other news, click
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MARKET NEWS
* Asian shares were capped on Monday as investor sentiment
was weighed down by concerns over U.S. fiscal woes as well as
Greece's bailout, despite improving economic data from the
world's two largest economies, the United States and China.
* The euro held above a two-month low in early Asian trading on Monday after Greece's ruling coalition secured enough votes in parliament on Sunday to approve the 2013 budget law, but its gains were seen limited ahead of a meeting by euro zone finance ministers later in the session.
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