Tuesday, 25 December 2012 04:11
NEW YORK/LONDON: Gold was barely changed in Monday's pre-Christmas session, with futures ending down a notch amid light volume and uncertainty over America's fiscal condition in the coming year.
Most commodities, including oil and copper, ended lower as the US Congress drifted without a solution toward the new year after a Republican plan to avert debilitating tax hikes and spending cuts failed to gain ground last week.
The dollar, which often moves in the opposite direction of commodities, edged higher by 2:00 p.m. EST (1900 GMT), erasing losses in the euro.
"Given the condition of other markets and the relative strength of the dollar, gold is doing pretty fine," said James Dailey, portfolio manager at TEAM Financial Asset Management in Pennsylvania.
The spot price of gold stood at $1,656.99 an ounce, versus late Friday's level of $1,656.61.
The spot price could test support at $1,631, as it may have completed a rebound from a ...