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COMMODITIES UPDATE: Gold Up 2.6% On Safe Haven Buying As Things Settle After Govt Shutdown, Debt Ceiling Scare

By: MT Newswires
Posted: 10/17/2013 9:22:00 AM
Referenced Stocks: GLD;SLV

Gold futures contracts continue to rise this morning, even after the U.S. Congress averted a potential technical default by agreeing on a last-minute deal to increase the debt ceiling and end the government shutdown. Safe-haven investors show continued interest in precious metals.

Gold for December delivery was up $32.40, or 2.6%, to $1,314.70 an ounce on the New York Mercantile Exchange after trading as high as $1,323.00 early today.

In exchange traded fund trading, SPDR Gold Shares ( GLD ) were down 16 cents or 0.1%, to $123.57 and iShares Silver Trust ( SLV ) was down 5 cents, or 0.2% to $20.51.

Copper was little changed on the day.