Gold Climbs on Debt Ceiling Fears

by Christopher Freeburn | October 7, 2013 4:17 pm

Gold Silver GLD IAU SLV[1]Increasing unease among investors about the prospect of a political deal to raise the nation’s debt limit pushed gold higher in Monday trading.

The U.S. government shutdown is entering its second week, but concern is growing that partisan bickering could lead to a historic U.S. default, though most analysts still believe that a compromise will ultimately be found in time to prevent that. The Treasury Department has warned that the U.S. will hit its debt ceiling on Oct. 17.

Gold futures for December delivery rose 1.2% to $1,325.10 per ounce on Monday, according to CME Group[2]. Gold traded as high as $1,329.50 and as low as $1,307.90. Bullion closed in London at $1,325, according to BullionVault[3].

Silver futures for December delivery surged 2.9% to $22.39 per ounce. Monday’s high for silver was $22.50, while the low was $21.65.

Metal funds gained in Monday trading.

Mining ETFs mostly rose during the day.

Gold mining shares moved higher on Monday.

Silver mining shares climbed during the day.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

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