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Industrial metals fall on drop in NY manufacturing

Published on NewsOK Modified: December 17, 2012 at 3:20 pm •  Published: December 17, 2012

The price of gold rose slightly on encouraging signs about the budget negotiations. President Barack Obama and House Speaker John Boehner need to reach an agreement on a new budget that can be approved by Congress before Jan. 1. Without a deal, spending cuts and tax hikes will go into effect that some economists believe will push the U.S. in recession.

Gold for February delivery rose $1.20 to end at $1,698.20 an ounce.

Volume was light across the metals complex as many traders solidified their portfolios ahead of next week's holidays and waited for the outcome of the budget talks.

In other trading, benchmark oil rose 47 cents to finish at $87.20 per barrel, heating oil fell 2.44 cents to $2.9563 per gallon, wholesale gasoline dropped 0.75 cent to $2.6546 per gallon and natural gas rose 4.4 cents to $3.358 per 1,000 cubic feet.

March wheat fell 6 cents to end at $8.08 per bushel, March corn fell 6.75 cents to $7.24 per bushel and January soybeans were essentially flat, up 0.25 cent to $14.9625 per bushel.