Precious-Gold dropped on Tuesday trading amid expectations that the U.S. government shutdown will not last long, damping demand on the metal as a safe haven.
Gold is currently trading around $1289.47 an ounce after hitting a high of $1337.31 and a low of $1284.18, where the breach of $1300 has paved the way to metal to trade around seven-week low.
The trading range for today is expected to be between key support at $1280 and key resistance at $1305.
The focus meanwhile is on the U.S. government shutdown that sparked concerns in markets that the ongoing dispute among lawmakers would push the country on the verge of default by October 17 as they will probably fail to reach an agreement regarding the U.S. 16.7-trillion debt ceiling.
The deadline of September 30 passed on Monday without an agreement between Republicans and Democrats over health care law.
Now, 800,000 federal employees will be put under unpaid leave while other government services will stop, while the government shutdown would also cost the U.S. $300 million a day.
The dollar index, which tracks the dollar’s movements versus a basket of major currencies, slipped to hover around 80.32 after hitting a low of 79.94.
Among other precious metals, sliver edged down $20.67 from the session's opening of $21.65, platinum dropped to $1378.75 from $1405.00, and palladium retreated to $715.55 from $722.60.
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Gold Drops To Seven-Week Low As Investors Weigh Government Shutdown
Published 10/01/2013, 04:08 AM
Updated 07/09/2023, 06:31 AM
Gold Drops To Seven-Week Low As Investors Weigh Government Shutdown
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