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Gold futures rebounded
Gold futures rebounded after U.S. Senate Majority Leader Harry Reid said that the budget dispute probably won’t be resolved before Jan. 1, boosting demand for the metal as a haven.
Republicans won’t cooperate, said Reid, a Nevada Democrat. The impasse leaves the U.S. closer to more than $600 billion in automatic tax increases and spending cuts set to begin in 2013. Earlier, gold fell as much as 0.5 percent.
Gold futures for February delivery gained to $1,666.10 an ounce on the Comex in New York. Through yesterday, the metal gained 6 percent this year, heading for a 12th straight annual increase, as central banks from the U.S. to China announced stimulus measures to bolster their economies.
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