Gold edges higher on "fiscal cliff" concerns

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Associated Press

Posted on December 27, 2012 at 2:01 PM

Updated Thursday, Dec 27 at 3:01 PM

Gold prices are edging higher Thursday after Senate Majority Leader Harry Reid said that it appeared that the government would miss the deadline for avoiding the "fiscal cliff." That's boosting demand for the metal as a safe haven.

February for Gold delivery rose $3 to $1,663.70 an ounce, a gain of 0.2 percent. Gold started the day lower before Reid's comments. Demand for gold was also bolstered by a report showing consumer confidence fell to its lowest level since August.

Silver, copper and palladium also advanced in other metals trading.

In grain trading wheat, corn and soybeans all fell, extending recent declines.

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