U.S. Budget Woes Extend Gold Losses

Bloomberg reported that gold continued to fall in Monday trading, extending losses from last week that marked the worst week in six months.

As quoted in the market report:

Gold for immediate delivery lost as much as 0.3 percent to $1,652.20 an ounce and was little changed at $1,657.30 by 12:54 p.m. in Singapore. Prices fell 2.3 percent last week, the biggest loss since the period ended June 22. Bullion for delivery in in February declined 0.2 percent to $1,657 an ounce on the Comex.

To view the whole Bloomberg report, click here.