Gold in tight range around $1275 amid U.S. Debt

Gold traded in a narrow range on Tuesday, hovering near three-month lows as outflows from gold funds continued and as lawmakers made some progress towards resolving the U.S. budget impasse.

Gold, whose safe-haven appeal is usually burnished during times of geopolitical and economic uncertainty, has failed to gain despite protracted wrangling over the fiscal deadlock in the United States.

It has dropped about 4 percent to below $1,300 an ounce since a partial government shutdown began on Oct. 1.


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