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Will Gold Shine in 2013?

Gold eased on Thursday from the prior session's two-week peak as the dollar strengthened and oil prices fell, with investors focusing on coming U.S. budget talks after euphoria over a vote to avert a fiscal crisis faded.

Hans-Peter Merten | Photographer's Choice | Getty Images

A global stock market rally petered out on Thursday as investors began worrying about likely future U.S. political battles over spending cuts.

Spot gold traded near $1,679, down about 0.5 percent, having touched a two-week peak above $1,694 in the previous session. U.S. gold for December delivery was down nearly $10 an ounce near $1,679.

The precious metal made a strong start to the year along with other financial assets, with commodities hitting multi-week highs on Wednesday, after the U.S. Congress passed a bill to avert an approaching fiscal crisis.

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— Reuters contributed to this report

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