Gold Slumps as Talks to End Shutdown Continue

by Christopher Freeburn | October 11, 2013 4:24 pm

Gold Silver GLD IAU SLV[1]Investors appeared to flee gold on Friday as talks for an eventual deal to end the U.S. government shutdown continued.

The metal dropped sharply even as negotiations between congressional Republicans and the White House over a possible debt ceiling extension continued with no clear agreement yet in sight. The metal ended the week down 4.3%.

Gold futures for December delivery sank 2.2% to $1,268.20 per ounce on Friday, according to CME Group[2]. Gold traded as high as $1,294.80 and as low as $1,259.60. Bullion closed in London at $1,273, according to BullionVault[3].

Silver futures for December delivery fell 2.9% to $21.26 per ounce. Friday’s high for silver was $21.86, while the low was $20.95.

Metal funds declined in Friday trading.

Mining ETFs retreated during the day.

Gold mining shares pulled back on Friday.

Silver mining shares mostly sank 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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