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Gold prices down on Monday against the desire of investors to bail out cash to cover losses on other financial markets. Exchange Asia today closed lower amid concerns the indices associated with the possibility of solving the debt crisis in the eurozone. Exchanges in Europe are also in negative territory, as U.S. stock indexes started trading with a sharp fall in the context of heightened concerns about unsustainable debt burden both domestically and abroad, which further increased the level of uncertainty in the markets.
A debt-reduction committee with special powers that was supposed to dissolve congressional gridlock in Washington is instead on the brink of failure, setting the stage for $1.2 trillion in automatic spending cuts. U.S. Senator Jon Kyl of Arizona, a Republican on the 12- member panel, said on CNBC today that the supercommittee’s Republican and Democratic co-chairmen, Representative Jeb Hensarling of Texas and Senator Patty Murray of Washington, would make a formal announcement “toward the end of the day.” They are expected to say that the panel can’t reach agreement on determining deficit reductions of at least $1.2 trillion.
Today is the deadline for the Congressional Budget Office to receive information for analyzing how a proposal would affect the U.S. budget deficit, in advance of the supercommittee’s Nov. 23 target date for reaching a deal. Senate Republican leader Mitch McConnell of Kentucky has declared over the past few months that failure is “not an option” for the panel, which was created in August after rancorous debate over raising the nation’s borrowing limit that plunged congressional approval ratings to lows of between 9 percent and 14 percent.
Today, December gold futures during the trading session on Comex in New York fell to 1689.1 dollars per troy ounce.
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