Senior broker Kurt Pfafflin with Daniels Trading said debt troubles with Greece "drag on and on and on" even though officials and authorities conduct mass amounts of meetings for the sake of the betterment of the fiscal mess in the two-time recipient of international bailout aid. Wednesday's losses to gold were linked with optimism for U.S. leaders' capacities to solve the fiscal cliff debacle.
"The U.S. economy has been recovering and the market is optimistic on resolution of the fiscal cliff," states a Wednesday note penned by analyst Janet Kong with China International Capital Corp., which is the largest investment bank in China, according to Bloomberg.
At 1:29 p.m. on Wednesday, gold futures climbed 0.12 percent, a $2.12 increase to $1,660.01 per troy ounce.
Reuters reports trade of the yellowish metal was slow during the time period between Christmas and the new year.
The record price for bullion is $1,923.70 per troy ounce as established on September 7, 2011.
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