Gold price edges up as US debt ceiling talks progress
Spot gold rose 0.3 percent to $1,688.21 an ounce by 0043 GMT, after gaining 1.3 percent in the previous week.
U.S. gold was little changed at $1,688.30.
U.S. House Republican leaders on Friday said they would seek to pass a three-month extension of federal borrowing authority next week to buy time - on pain of losing their own paychecks - for the Democratic-controlled Senate to pass a budget plan that shrinks budget deficits.
U.S. Senate Democrats for the first time in more than three years will pass a budget, a senior Democratic lawmaker said on Sunday, fulfilling a basic task that Republicans have been urging them to do.
U.S. consumer sentiment unexpectedly deteriorated for a second straight month to its lowest in over a year in January, with many consumers citing fallout from the recent "fiscal cliff" debate in Washington, a survey released on Friday showed.
Italy's central bank cut its forecast for the country's shrinking economy on Friday, as tight credit conditions and a gloomy international backdrop darken the domestic outlook before a national election in February.
Speculators raised their net long positions in U.S. gold futures and options by 8 percent on the week to 99,458 contracts in the week ended Jan. 15,
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