Skip to content
Subscriber Only

Gold Extends Weekly Slump on Concern U.S. Budget Talks Will Fail

Gold capped its biggest weekly drop in more than five months on concern that U.S. lawmakers may fail to reach a settlement in talks aimed at avoiding self-imposed tax increases and budget cuts known as the fiscal cliff.

Republican House Speaker John Boehner told reporters that budget talks were in a stalemate and the Obama administration’s offer yesterday wasn’t a “serious” proposal. The president said today he expects prolonged negotiations. Gold tumbled 2.2 percent this week, the most since June 22.