Gold drops further in Asian trade
Analysts said the precious yellow metal is unlikely to have a major recovery ahead of the approaching Christmas holidays.
Gold dropped further in Asian trade Monday as investors are eagerly awaiting an outcome to the US sisal cliff crisis.
Gold for immediate delivery was seen trading at $1691.63 an ounce at 12.00 noon Singapore time while US gold for February delivery was seen at $1693.24 an ounce.
Analysts said the precious yellow metal is unlikely to have a major recovery ahead of the approaching Christmas holidays.
Besides the looming U.S. fiscal cliff, the 16 December Japanese general election will be an important event to watch.
The projected winner's monetary and fiscal policies are expected to further support gold.
The yellow metal closed lower for the third straight week on Friday despite a fresh bond buying scheme announced by the Federal Reserve last week.
The fresh round of easing announced by the Fed earlier this week was not enough to support the yellow metal.
February gold ended at $1,697 an ounce on the Comex division of the New York Mercantile Exchange, up 20 cents for the session.
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