Gold Slides to Four-Week Low

Bloomberg reported that gold fell to a four-week low in Tuesday trading, pressured down by investor concern over lack of progress with U.S. budget talks.

As quoted in the market report:

Commodities retreated for the first time in four days as talks over the so-called fiscal cliff of spending cuts and tax increases remained deadlocked. Gold slid about $12 an ounce in about a minute during Asian trading today, data compiled by Bloomberg show. The sell-off was probably amid “frustration” that prices remain below $1,750 and during a period of low liquidity, UBS AG said in a report. Gold pared some losses as the dollar reached a six-week low versus the euro.

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