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Gold rebounds on U.S. budget optimism, record investor holdings

Posted on 29 November 2012

Gold rebounded from the biggest drop in more than three weeks as investor holdings expanded to a record and optimism returned that the so-called fiscal cliff in the U.S. will be avoided, hurting the dollar.
Gold for immediate delivery rose as much as 0.2 percent to $1,723.70 an ounce and traded at $1,720.35 at 11:58 a.m. in Singapore. The price dropped 1.3 percent yesterday, the biggest fall since Nov. 2, on concern that a U.S. deal won’t be agreed. Bullion for February delivery gained as much as 0.4 percent to $1,726 an ounce on the Comex, and was at $1,722.50………………………………………..Full Article: Source


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