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Gold rises as U.S. senate’s vote avoids fiscal cliff
Precious-Gold rose for a second day after a last-minute U.S. budget deal which ended woes regarding the so-called fiscal cliff.
Gold tracked gains in shares, which advanced to five-month high in Asia, after U.S. lawmakers passed a legislation that prevents over $600 billion of tax increases and spending cuts taking effect in the first day of 2013.
The U.S. House of Representatives’ 257-167 vote broke the impasse seen between the White House and Congress throughout the previous year, yet some of the challenges in spending cuts will be faced in the coming period.
Now, the legislation which was passed early on Tuesday is waiting for President Barack Obama’s signature.
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