Gold Gains as Debt Ceiling Deadline Looms

by Christopher Freeburn | October 16, 2013 4:27 pm

Gold Silver GLD IAU SLV[1]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[2]. 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[3].

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.

Mining ETFs declined during the day.

Gold mining shares pulled back on Wednesday.

Silver mining shares fell 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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