Gold prices eases, focus on US fiscal talks

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SummaryGold slipped on Wednesday after last minute talks to prevent the United States from plunging into recession went off course, turning investors away.

Gold slipped on Wednesday after last minute talks to prevent the United States from plunging into recession went off course, turning investors away.

FUNDAMENTALS

* Spot gold fell $3.65 an ounce to $1,670.89 by 0022 GMT. Gold ended up around 7 percent in 2012 - the 12th straight year of gains for the precious metal which makes it one of the longest bull runs ever for a commodity.

* U.S. gold for February eased $3.90 an ounce to $1,671.90.

* House Republicans complained that a bill passed by the Senate in a late-night show of unity to prevent a budget crisis contained tax hikes for the wealthiest Americans but no spending cuts.

MARKET NEWS

* Markets were eerily quiet in Asia as trade resumed on Wednesday with investors anxiously waiting to see if the U.S. Congress could strike a last-minute deal to avoid triggering tax rises and spending cuts that could threaten the global economy.

* U.S. crude futures edged down toward $91 on Wednesday amid fiscal worries about the United States - the world's largest economy and top oil consumer.

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