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Gold Futures Edge Off Highs But Stocks Continue Higher as Debt Ceiling Negotiations Drag On

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Gold futures are sliding off this morning's sharp move up, now up 0.69% at 1277.00 an ounce as political gridlock remains in Washington. Going into the weekend, there was some optimism that Republicans and Democrats would come up with a budget deal before hitting the debt ceiling this week. But this optimism has now been squashed as talks hit another impasse.

Although gold futures pricing is easing on the day, gold stocks continue to trade higher. Getting a boost today on the strength in gold futures include Randgold Resources Ltd ADR ( GOLD ) up 3.4%, Nevsun Resources ( NSU ) up 4.6%, Banro Corp ( BAA ) up 2.2% and AngloGold Ashanti Ltd ADR ( AU ) up 2.3%.

With only three days to go until the U.S. Treasury effectively runs out of cash, Democrats and Republicans are continuing their wrangling. According to The New York Times, the latest sticking point is Democrats wanted the sequester, which was passed into law as part of the deal resolving the last debt-limit impasse, to last only through mid-November.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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