Gold in Holding Pattern as Debt Ceiling Fight Looms

by Christopher Freeburn | October 8, 2013 4:29 pm

Gold Silver GLD IAU SLV[1]Gold was mostly flat in Tuesday trading, mirroring the progress made on the debt ceiling and government funding standoff in Washington, D.C. Meanwhile, silver posted a marginal gain.

The U.S. government has been shut down since last Tuesday because of an impasse between congressional Republicans and the White House over GOP efforts to tie needed funding legislation to the implementation of President Barack Obama’s Affordable Care Act. There was no sign of a possible deal between the two sides today as lawmakers from both parties traded jabs.

The Treasury Department has indicated that the country will run out of funds to pay its debt obligations next week.

Gold futures for December delivery dipped by 50 cents, falling to $1,324.60 per ounce on Tuesday, according to CME Group[2]. Gold traded as high as $1,330.80 and as low as $1,315.40. Bullion closed in London at $1,321, according to BullionVault[3].

Silver futures for December delivery inched up 0.2% to $22.44 per ounce. Tuesday’s high for silver was $22.53, while the low was $21.11.

Metal funds moved slightly lower in Tuesday trading.

Mining ETFs sank during the day.

Gold mining shares pulled back on Tuesday.

Silver mining shares retreated 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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