SAN FRANCISCO (MarketWatch) -- Gold futures settled lower Friday, finishing the week and the month with losses, as wrangling in Washington over a deal to avert the fiscal cliff continued. February gold , the most active contract, dropped $16.80, or 1%, to settle at $1,712.70 an ounce on the Comex division of the New York Mercantile Exchange. That was the lowest settlement since Nov. 5. The contract lost 2.3% for the week and was down 0.5% for the month. The "gold market is concerned there will not be a solution" to the fiscal cliff, said Jason Rotman, president of Lido Isle Advisors, a Newport Beach, Calif.-based alternative-investment firm "We believe the
dollar will rally as the S&P 500 potentially goes down if the fiscal cliff causes another recession, and this environment would likely be bearish for gold."Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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