Gold rebounds after passing of Fiscal Cliff bill

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Metal price up about 7% in 2012, adds $7 to oz price yesterday.

Gold prices bounced back yesterday after US Congress passed the bill to avoid the country falling over the “fiscal cliff", with $7 (£4.29) added to the ounce price following lows earlier in the day.

The passing of the bill avoids tax hikes in the US and includes spending cuts worth $600 billion (£367bn). Gold increased $7.01 an ounce yesterday to $1,681.55 (£1,031.31).

At the end of 2012, the gold price had increased about 7% over the year, with its 12th consecutive year of gains in what Reuters dubbed “one of the longest bull runs ever for a commodity”.

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According to Swiss bank UBS, gold could hit $1,950 (£1,195) an ounce in Q1 in 2013.
 

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