Gold hovered around a key resistance at $1,700 an ounce on Tuesday as many investors stood on the sidelines in the penultimate week of the year, watching US lawmakers inch towards a deal to avert a fiscal disaster. Spot gold inched up 0.3 percent to $1,702.04 an ounce by 0632 GMT. US gold gained 0.3 percent to $1,703.60.

Copyright Reuters, 2012