Gold futures were seen slightly lower in the early part of Wednesday’s
Asian session as trading resumed following the New Years holiday with
market participants focused on ongoing fiscal cliff negotiations in the
U.S.
On the Comex division of the New York Mercantile Exchange, gold futures for February delivery fell 0.1% to USD1,674.05 per troy ounce. Gold traded as high as USD1,675.05 per ounce and as low as USD1,670.95 in Asian trading Wednesday.
Gold futures were likely to test support USD1,654.15 a troy ounce, Friday's low, and resistance at USD1,724.75, the high of Dec. 12. The yellow metal is coming off a 1.32% increase in Monday’s U.S. session, which helped capped a twelfth consecutive annual gain.
Now past the official deadline to resolve the fiscal cliff, Republican members of the U.S. House of Representatives are grappling with the specter of being forced to accept tax increases on the wealthiest Americans in an effort to bring a conclusion to the fiscal cliff debate.
The U.S. Senate has approved a measure that would raise taxes on the wealthiest Americans by $620 billion over the next 10 years. House Republicans, long reluctant to approve tax hikes of any kind, are looking for $330 billion in spending reductions over the same time as a means of coming to terms with the tax increases. The House is controlled by the Republicans while the Democrats hold a majority in the Senate.
Perhaps casting a cautious tone over financial markets is the fact that Senate has said it will not accept changes to its bill, which overwhelmingly passed Tuesday morning by a margin of 89-8. The U.S. Senate has 100 members, two from each U.S. state.
Elsewhere, Comex silver for March delivery surged 0.55% to USD30.392 per ounce while copper for March delivery added 0.05% to USD3.651. Platinum for April delivery added 0.39% to USD1,548.95 an ounce while palladium for March delivery slid 0.53% to USD700.90 per ounce.- investing.com
On the Comex division of the New York Mercantile Exchange, gold futures for February delivery fell 0.1% to USD1,674.05 per troy ounce. Gold traded as high as USD1,675.05 per ounce and as low as USD1,670.95 in Asian trading Wednesday.
Gold futures were likely to test support USD1,654.15 a troy ounce, Friday's low, and resistance at USD1,724.75, the high of Dec. 12. The yellow metal is coming off a 1.32% increase in Monday’s U.S. session, which helped capped a twelfth consecutive annual gain.
Now past the official deadline to resolve the fiscal cliff, Republican members of the U.S. House of Representatives are grappling with the specter of being forced to accept tax increases on the wealthiest Americans in an effort to bring a conclusion to the fiscal cliff debate.
The U.S. Senate has approved a measure that would raise taxes on the wealthiest Americans by $620 billion over the next 10 years. House Republicans, long reluctant to approve tax hikes of any kind, are looking for $330 billion in spending reductions over the same time as a means of coming to terms with the tax increases. The House is controlled by the Republicans while the Democrats hold a majority in the Senate.
Perhaps casting a cautious tone over financial markets is the fact that Senate has said it will not accept changes to its bill, which overwhelmingly passed Tuesday morning by a margin of 89-8. The U.S. Senate has 100 members, two from each U.S. state.
Elsewhere, Comex silver for March delivery surged 0.55% to USD30.392 per ounce while copper for March delivery added 0.05% to USD3.651. Platinum for April delivery added 0.39% to USD1,548.95 an ounce while palladium for March delivery slid 0.53% to USD700.90 per ounce.- investing.com
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