Gold cheaper for the first time in five sessions

The price of gold is reduced for the first time in a week amid headlines that President Obama is reported to offer a reduced budget package when he meets with congressional leaders on Friday night.

President Barack Obama and Vice President Joe Biden on Friday to meet with congressional leaders from both parties to resume negotiations on the "budget cliff", and the House of Representatives will meet on Sunday to make a final attempt to solve the financial problem.

If politicians fail to agree, gold will go up as a low-risk assets, but since many investors buy gold as well as stock prices can go up and in the case of an agreement following the stock prices.

Since the budget issue is now the focus, better statistics on the industry and the housing market have had little support to the market. So, today it became known that the U.S. industry has gained pace in December, and the index of pending home sales rose in November by 1.7% to 106.4 points, exceeding economists' forecasts.

Over the year, prices will rise the 12th year in a row due to the extremely low interest rates, concerns over the financial stability of the eurozone and purchases of gold by central banks. In 2013, global demand for gold will rise by China and India, which will contribute to further price increases, according to the World Gold Council.

Premium for gold bullion held in Singapore at $ 1,00-1,20 per ounce to spot prices in London.

February futures price of gold on the COMEX fell today to 1654.20 dollars per ounce.