Gold in tight range in Asia

Gold hovered near three-month lows on Tuesday as outflows from gold funds continued and as lawmakers made some progress towards resolving the US budget impasse. Gold, whose safe-haven appeal is usually burnished during times of geopolitical and economic uncertainty, has failed to gain despite protracted wrangling over the fiscal deadlock in the United States.
It has dropped about 4 percent to below $1,300 an ounce since a partial government shutdown began on October 1. Spot gold had slipped 0.2 percent to $1,270.70 an ounce by 0641 GMT, after snapping a four-day losing streak in the previous session.