Gold Declines After Worst Week in Six Months on Budget Deadlock
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Gold extended losses from its worst week in six months as U.S. budget talks stalled, boosting concern lawmakers will fail to agree on a deal to avoid tax increases and spending cuts.
Gold for immediate delivery lost as much as 0.3 percent to $1,652.20 an ounce and was little changed at $1,657.30 by 12:54 p.m. in Singapore. Prices fell 2.3 percent last week, the biggest loss since the period ended June 22. Bullion for delivery in in February declined 0.2 percent to $1,657 an ounce on the Comex.