Forex and Gold Daily Report 24 December 2012

The U.S. dollar ended Friday’s session higher against most of its major counterparts, as uncertainty surrounding talks between U.S. lawmakers to avoid the looming fiscal cliff crisis boosted demand for the safe-haven greenback. Market sentiment remained under pressure as investors continued to monitor developments surrounding the fiscal cliff in the U.S., approximately USD600 billion in automatic tax hikes and spending cuts due to come into effect on January 1.

While Gold futures ended Friday’s session higher, as investors returned to the market to seek cheap valuations while others covered their short positions after prices fell to the lowest level since August earlier in the session. On the week, gold futures retreated 2.3%, the largest weekly drop since June and the fourth consecutive weekly decline.

Trading volumes were thin ahead of the Christmas holiday weekend, resulting in volatile trade.

 

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