by Christopher Freeburn | September 30, 2013 4:24 pm
Gold fell modestly in Monday trading as investors awaited the outcome of the budget standoff in Washington, D.C., that threatens to shut down the U.S. government for the first time since 1995-96. The metal posted its first quarterly gain in a year, rising 8.4% since the end of June, even though it ended September down about 5% for the month.
Congressional Republicans are battling the White House and Senate Democrats over bills that keep the government running in exchange for delaying the implementation of President Barack Obama’s Affordable Care Act. President Obama has threatened to veto any bill that links continued government funding to his health care law, setting the stage for a shutdown that looks likely to come tomorrow.
Gold futures for December delivery dropped 0.9% to $1,327 per ounce on Monday, according to CME Group. Gold traded as high as $1,353.80 and as low as $1,322. Bullion closed in London at $1,330, according to BullionVault.
Silver futures for December delivery slid 0.6% to $21.71 per ounce. Monday’s high for silver was $22.11, while the low was $21.44.
Metal funds declined in Monday trading.
Mining ETFs sank during the day.
Gold mining shares mostly gained on Monday.
Silver mining shares retreated during the day.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.
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