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Gold gains for a 12th consecutive year

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AP

2013-01-01

Gold prices have edged higher on hopes a deal to avoid the "fiscal cliff" was in sight.

February gold advanced $US19.90, or 1.2 per cent, to $US1675.80 an ounce on Monday. The price has increased almost six-fold since the start of 2000.

Gold finished 2012 about six per cent higher and has now advanced for 12 consecutive years. Demand for the precious metal has increased as the value of the US dollar has declined.

Silver, copper and platinum also advanced.

In grain trading, corn edged higher, soybeans fell and wheat was little changed.