Gold Gains Amid Debt Ceiling Anxiety

by Christopher Freeburn | October 14, 2013 4:31 pm

Gold Silver GLD IAU SLV[1]Continued bickering between congressional Republicans and the White House over negotiations to extend the debt ceiling, coupled with a distinct lack of any concrete deal, sent gold modestly higher in Monday trading. The Treasury has warned that the nation will hit its borrowing limit on Thursday.

Gold futures for December delivery rose 0.7% to $1,276.60 per ounce on Monday, according to CME Group[2]. Gold traded as high as $1,291.60 and as low as $1,268.40. Bullion closed in London at $1,279, according to BullionVault[3].

Silver futures for December moved up 0.5% to $21.35 per ounce. Monday’s high for silver was $21.68, while the low was $21.10.

Metal funds mostly advanced in Monday trading.

Mining ETFs mostly gained during the day.

Gold mining shares were mixed on Monday.

Silver mining shares mostly moved higher 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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