Forex and Gold Daily Report 02 January 2013

The dollar rose against most of its peers on Monday as lawmakers rushed to reach a deal to steer the country away from the U.S. fiscal cliff, a potentially recessionary combination of sweeping tax hikes and automatic spending cuts due to take effect with the closure of 2012.

Gold prices spiked in U.S. trading on Monday on hopes U.S. lawmakers will vote on a late-hour deal to avoid the U.S. fiscal cliff, which pushed up demand for risk-on asset classes including gold.

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