Gold for February delivery rose $1.2 (0.1%) to settle at $1,660.7 an ounce on the Comex division of the New York Mercantile Exchange on Wednesday.
On Wednesday, March silver rose $0.14, or 0.5% to settle at $30.04 an ounce.
Conditions were thin, with markets in several nations including the U.K. and Canada remaining shuttered for Boxing Day and many U.S. traders taking an extended holiday break after Christmas.
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The immediate focus of most markets is the so-called U.S. fiscal cliff, which is the combination of automatic tax hikes and spending cuts that will be triggered in January if Congress does not act, and which could mean another recession in the U.S. The White House has announced that President Obama is cutting his Christmas vacation short and is returning to Washington D.C. to resume negotiations on Thursday.
The dollar index, which weighs the strength of the dollar against a basket of six other currencies, fell by 0.1% on Wednesday.
At the MCX, gold prices for February delivery closed lower by Rs 156 (0.5%) at Rs 30,698 per ten grams. Prices rose to a high of Rs 30,807 per 10 grams and fell to a low of Rs 30,661 per 10 grams during the day's trading.
At the MCX, silver prices for March delivery closed lower by Rs 257 (0.44%) at Rs 57,472/Kg. Prices opened at Rs 57,790/kg and fell to a low of Rs 57,270/Kg during the day's trading.
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