Gold Moves Higher As Dollar Falls On Cliff Deal

Gold prices moved higher on Wednesday after U.S. lawmakers managed to push through a budget deal a day prior, thus averting the effects of the so-called fiscal cliff.

Gold for February delivery rose $8.90, or 0.5%, to $1,684.60 an ounce as the dollar fell in the wake of the budget deal. The ICE dollar index fell to 72.429 from 79.792 late Monday in North America.

Among other metals contracts, silver for March delivery rose 49 cents, or 1.6%, to $30.72 an ounce.

Copper for March delivery rose 4 cents to $3.69 a pound. March palladium rose $2.70, or 0.4%, to $706.05 an ounce, while April platinum jumped $13.90, or 0.9%, to $1,552.60 an ounce.

Marketwatch