Gold rose modestly in Wednesday trading as lawmakers continued to negotiate an agreement to avert a historic U.S. default. The Treasury has said it will run out borrowing power on Thursday.

Senate leaders were in furious negotiations all morning and signaled during the afternoon that a deal had been reached, though no vote had yet been taken.

Gold futures for December delivery climbed 0.7% to $1,282.30 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,289.20 and as low as $1,268.60. Bullion closed in London at $1,282, according to BullionVault.

Silver futures for December moved up 0.8% to $21.37 per ounce. Wednesday’s high for silver was $21.45, while the low was $21.12.

Metal funds edged lower in Wednesday trading.

• The SPDR Gold Shares (GLD) slipped 0.2%.
• The iShares Gold Trust (IAU) also dipped 0.2%.
• The iShares Silver Trust (SLV) fell 0.2%.

Mining ETFs declined during the day.

• The Market Vectors Gold Miners ETF (GDX) dropped 2.1%.
• The Market Vectors Junior Gold Miners ETF (GDXJ) sank 1.1%.
• The Global X Silver Miners ETF (SIL) slid 0.9%.

Gold mining shares pulled back on Wednesday.

• Agnico-Eagle Mines (AEM) dropped 3.1%.
• Barrick Gold (ABX) slid 0.8%.
• Eldorado Gold (EGO) fell 2.4%.
• Goldcorp (GG) moved down 1.6%.
• Kinross Gold (KGC) slipped 2.1%.
• Newmont Mining (NEM) decreased 0.8%.
• NovaGold Resources (NG) retreated 1.4%.
• Yamana Gold (AUY) declined 2%.

Silver mining shares fell during the day.

• Coeur d’Alene Mines (CDE) dipped 0.5%.
• Hecla Mining (HL) inched up 0.2%.
• Pan American Silver (PAAS) dropped 1%.
• Silver Wheaton (SLW) sank 0.9%.
• Silver Standard Resources (SSRI) declined 1.4%.

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.