Gold futures extended week-to-date gains
Tuesday, returning above $1,700 an ounce, amid renewed optimism for
progress on U.S. budget talks and a slightly weaker dollar.
Gold for February delivery
GCG3
+0.23% rose $5.50 to $1,703.70 an ounce. The precious metal had gained $1.20, or 0.1%, to $1,698.20 an ounce in New York on Monday.
Tuesday’s gains came after reports that U.S. President Barack Obama made
a new offer to avert the U.S. fiscal cliff of looming tax hikes and
severe spending cuts, moving closer to the Republicans’ position.
Read: Obama reportedly makes new 'fiscal cliff' offer
The White House’s latest counterproposal includes $1.2 trillion in
revenue increases and $1.22 trillion in spending reductions, Reuters
reported.
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