COMMODITIES UPDATE: Gold Continues To Tumble, Down 2% Friday, On Optimism For U.S. Government Accords
Gold futures contracts prices took a hit today as a series of potentially negative economic events appear to be coming to a positive conclusion.
Gold futures contracts for December delivery (GZ3.NYM) are trading at $1,267.40 an ounce, down $28.60, or 2.2%, below $1,300 an ounce for the first time in more than a week, based on optimism that a plan will be reached to temporarily raise the U.S. debt ceiling, which has investors moving back to equities and away from the safe have of precious metals.
The U.S. government shutdown is into its second week and the Treasury Department's Oct. 17 deadline for raising the debt ceiling is rapidly approaching, but traders remain optimistic on public comments from Congress.
Silver contracts (SIZ3.NYM) are down 38 cents or 0.7% to $21.52.
In exchange traded fund activity, SPDR Gold Trusts down 22 cents, or 0.1% to $20.83, while iShares Silver Trust fell 22 cents, or 1% to $20.83
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