News Summary: Gold falls as budget talks progress

AP News
Posted: Dec 18, 2012 4:17 PM

GOLD DIPS: Gold fell on expectations that lawmakers are closer to an agreement on a new U.S. budget. Analysts say a deal means it would be less likely the Federal Reserve would take additional steps to promote the economy.

THE IMPETUS: President Barack Obama and House Speaker John Boehner made some concessions but stood firm on other issues. Tax hikes and spending cuts will go into effect Jan. 1 if the two sides fail to reach an agreement.

UPS, DOWNS: Prices rose for oil, other energy products and wheat. Gold, industrial metals, corn and soybeans fell.