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Gold Ticks up on Light Trade
Gold rebounded from its biggest weekly drop in six months in London as concern U.S. lawmakers will fail to avert the so-called fiscal cliff of tax increases and spending cuts boosted demand for a protection of wealth.
U.S. political leaders are debating how to avoid the fiscal cliff of more than $600 billion in automatic tax increases and spending cuts that will take effect in January unless Congress acts. House Republican leaders canceled a vote on Speaker John Boehner’s plan to allow higher tax rates for annual income above $1 million last week.
“The market’s wondering which way it’s going to go,” said David Lennox, a resource analyst at Fat Prophets in Sydney, referring to the budget negotiations. “As 2012 draws to a close and 2013 comes into play, the price may drift back up as it looks like it’s not going to happen.”
Holdings in gold-backed exchange-traded products fell 1.6 metric tons from a record to 2,630.9 tons on Dec. 21, data compiled by Bloomberg show. Gold prices are set for a 12th consecutive annual gain as central banks from the U.S. to China pledge more steps to spur economic growth.
Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., said in a Twitter post yesterday that the fiscal cliff has more than a 50 percent probability.