Gold achieves 12th straight yearly gain
Gold for February delivery rose $19.90, or 1.2%, to settle at $1,675.80 an ounce on the Comex division of the New York Mercantile Exchange.
Most precious metals finished 2012 on a strong note Monday as gold achieved twelfth consecutive yearly gain.
Gold advanced on the last day of the year with investors ending the final trading day of 2012 with some optimism about tax rates as Washington raced to meet a deadline to avert automatic tax increases and spending cuts set to go into effect from New Year's day.
Gold for February delivery rose $19.90, or 1.2%, to settle at $1,675.80 an ounce on the Comex division of the New York Mercantile Exchange.
Gold finished the year with an annual gain of 7%. It was the twelfth consecutive yearly rise for the precious metal, but it was the smallest yearly gain since 2008.
However, major precious metals including platinum, palladium and silver outperformed bullion for the year.
Palladium gained nearly 10 percent on the year, silver up 9 percent and platinum up 8 percent for the year. March silver futures closed up 0.8% at $30.23 an ounce, marking a gain of 8.3% for 2012.
Analysts said despite a moderate last quarter, gold prices were up sharply in the first and third quarters, aided by ultra-loose monetary policy in the world's leading economies, bullion buying by central banks trying to diversify foreign reserves and concerns over the financial stability of the euro zone.
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