AP News

News Summary: Gold prices fall on 'fiscal cliff'


GOLD DROPS: The price of gold fell to its lowest level in a month as negotiations continued over the U.S. budget. Investors have sold contracts for profit or stayed on the sidelines as lawmakers remain at odds over their budget proposals.

CLIFF WATCH: There are just a few weeks left before the U.S. reaches the "fiscal cliff," which refers to automatic tax increases and government spending cuts which would take effect Jan. 1 if a budget agreement isn't reached.

UP, DOWN: Prices fell for industrial metals, oil, wheat and corn. Soybeans are higher.


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