by Christopher Freeburn | October 2, 2013 4:47 pm
Gold rose sharply in Wednesday trading as the U.S. government shutdown entered its second day and a report on private payrolls suggested sluggish jobs growth.
Automatic Data Processing reported that the U.S. economy created 166,000 new jobs in September. That fell short of the gain of 180,000 jobs that economists had predicted. ADP also revised downward the number of new jobs created in August.
Meanwhile, there was no sign of a deal to break the political impasse that has shuttered the U.S. government since Tuesday. The prospect of another battle in coming weeks — over the nation’s debt ceiling — is also beginning to weigh on investors.
Gold futures for December delivery climbed 2.7% to $1,320.70 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,324.20 and as low as $1,276.90. Bullion closed in London at $1,318, according to BullionVault.
Silver futures for December delivery surged 3.4% to $21.90 per ounce. Wednesday’s high for silver was $22.04, while the low was $20.99.
Metal funds gained in Wednesday trading.
Mining ETFs were mostly higher during the day.
Gold mining shares mostly climbed on Wednesday.
Silver mining shares were mixed 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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