Gold up after two days of declines

London. Gold today climbed after two days of declines and a possible delayed US budget agreement. Gold climbed 0.2 per cent to USD 1,670.04 an ounce and silver by 0.4 per cent to 31.15 dollar an ounce. Bullion dropped 1.8 per cent the past two days on improving prospects for a US budget deal. Efforts in Washington are now deteriorating as House Republicans plan a vote today to increase tax for top earners. Gold refineries will be closing for holidays, limiting supply, according to MKS Finance. Holdings in gold-backed exchange-traded products were at a record high of 2,631.79 tonnes. Prices are up 6.8 per cent this year, set for a 12th consecutive annual gain on central bank and investor demand.