International gold trades lower on fiscal worries

Overseas gold was seen trading lower on Wednesday due to rekindled fears of US fiscal cliff weighed on the yellow metal.

International gold was seen trading at $1,740 an ounce.

Domestically, gold futures were closed on account of Guru Nanak Jayanti.
Gold, silver lost momentum on Tuesday and were seen trading low on the Multi Commodity Exchange (MCX).

On Tuesday gold futures ended the lower by Rs 148 at Rs 32,211. while, Silver futures ended the day by Rs 63,522 per kgs, lower by 212.

Senate Majority Leader Harry Reid expressed disappointment that there has been "little progress" in dealing with the "fiscal cliff."

At the Commodity Exchange (COMEX), gold future for December 2012 delivery traded at US$1,739 per ounce. It opened at US$1,741 an ounce. It touched an intraday higher of $1,743 an ounce.

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