Gold Drops as Some Investors Sell Amid U.S. Budget Negotiations
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Gold fell for the first time in five days as some investors sold the metal amid negotiations between U.S. lawmakers to strike a budget deal before the year-end.
Spot gold lost as much as 0.4 percent to $1,653.55 an ounce and was at $1,657.80 at 3:15 p.m. in Singapore. Bullion is 6 percent higher this year, set for a 12th annual gain, as investors sought the metal as a protection of wealth after central banks around the world took steps to stimulate economies.