News Summary: Gold Falls Over US Budget Talks

By The Associated Press

BUDGET UNCERTAINTY: Gold fell below $1,700 per ounce for the first time in about a week. Investors are uncertain about what's ahead for the economy because the U.S. budget remains unsettled.

WHAT'S AT STAKE: Republicans and President Barack Obama appeared to be far from reaching a compromise on a new budget. Tax increases and spending cuts will take place Jan. 1 without a budget in place. Many economists believe that could send the U.S. into a recession.

MIXED BAG: Prices fell for gold, industrial metals, oil, wholesale gasoline, wheat and corn. Orange juice futures and soybeans rose.
Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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