Gold prices bounces from 1-month low, US budget talks drag

Gold

"This is likely to give some support to gold."

News that South Korea's central bank had purchased 14 tonnes of gold in November using its foreign reserves in order to spread its portfolio risks was largely ignored."We continue to see a risk of further sharp moves in gold after the dead cat bounce yesterday," the ANZ said in a report.

"We are biased towards a near-term technical decline targeting $1,670 but remain constructive on medium term fundamentals."

The euro hovered at seven-week highs against the dollar on Wednesday, while oil was mostly steady. Concerns about the health of the U.S. economy kept investors on the edge.

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