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Gold Adds To Gain On Shutdown Worries, China Returns From Holiday

ByICN.com
Published 10/08/2013, 07:05 AM
Updated 07/09/2023, 06:31 AM

Gold resumed its incline in Asia on Tuesday as the federal shutdown in the U.S. dragged on for a second week, and Chinese market reopened after a week-long National Holiday.

Precious metals adding to gains as the U.S. political standoff enters its eighth day now with no end in sight and the prospect of a U.S. default on its debt loomed, sending nervous traders to bullions as a safe haven for a second week, even as some believe a deal between Republicans in Congress and the White House to avoid a new crisis would be reached together in time before the October 17 deadline.

- Spot Gold was up 0.11% to $1,325.6 an ounce

- Spot Silver was up 0.21% to $22.37 an ounce

- Spot Platinum was up 0.23% to 1,405.65 an ounce

- Spot Palladium was up 0.27% to 706.65 an ounce

On shutdown, Senate Democrats are planning to test vote this week on a measure that would grant Barack Obama authority to raise the $16.7 trillion debt ceiling. A deal must be reached by both sides as failure would the push the global financial markets into chaos.

China's comeback from a week-long National holiday was even as supportive for the precious metals market. The appetite is still fresh and demand for gold in China is still strong apparently, even as the metal has seen historic price declines and volatility this year.

India is the world's top-producing country, but China is on track to beat India and become the world`s largest consumer of gold this year.

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