Gold Dips as Optimism Rises for Debt Ceiling Deal

by Christopher Freeburn | October 15, 2013 4:34 pm

Gold Silver GLD IAU SLV[1]Gold fell back slightly in Tuesday trading as investors detected signs of movement among congressional Republicans, Senate Democrats and the White House toward an agreement to reopen the U.S. government and prevent a historic default. Lawmakers must find a way to break the political impasse before the U.S. reaches its borrowing limit on Wednesday.

Gold futures for December delivery sank 0.3% to $1,273.20 per ounce on Tuesday, according to CME Group[2]. Gold traded as high as $1,277.60 and as low as $1,251. Bullion closed in London at $1,283, according to BullionVault[3].

Silver futures for December slid 0.8% to $21.19 per ounce. Tuesday’s high for silver was $21.33, while the low was $20.50.

Metal funds gained in Tuesday trading.

Mining ETFs advanced during the day.

Gold mining shares moved higher on Tuesday.

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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