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Gold Prices Climb on Speculation of Added Fed Easing (Update 1)

So-called fiscal cliff negotiations resumed over the weekend between President Barack Obama and House Speaker John Boehner (R., Ohio) without any details of what they discussed, but a spokesman for Boehner said "the lines of communication remain open."

Gold prices occasionally have reacted to news that has emerged from negotiations about the fiscal cliff -- when tax relief measures and deep spending cuts will automatically go into effect.

A lack of more specifics from the weekend meeting between the president and the Republican speaker appears to have failed to move investors in a decided direction.

For Monday, most eyes are on the possibility of more monetary stimulus from the Fed.

Gold mining stocks were mostly higher Monday. Shares of Goldcorp (GG - Get Report) were gaining 0.71%, while shares of Royal Gold (RGLD - Get Report) were increasing 1.8%.

Among volume leaders, Barrick Gold (ABX - Get Report) was climbing 2%, and Newmont Mining (NEM - Get Report) was up 2.1%.

Gold ETF SPDR Gold Trust (GLD) was increasing 0.44%, while iShares Gold Trust (IAU) was up 0.46%.

-- Written by Joe Deaux in New York.

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GLD $119.27 4.20%
ABX $11.97 3.40%
GG $15.00 3.00%
NEM $25.03 3.00%
RGLD $40.42 3.60%


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