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Hope Reignites, Gold Snaps 3-Day Decline On US Fsical Talks

ByICN.com
Published 10/11/2013, 05:37 AM
Updated 07/09/2023, 06:31 AM

Gold was back on the winning streak Friday following a three-day rout that set the precious metal for another weekly slide as bullions lost its safe-haven appeal on signs that US government was on track to staving off its fiscal logjam.

Hopes reignited yesterday as the market cheered the prospect that the standoff would end after speaker John Boehner announced that the House Republicans would agree to extend the government`s borrowing authority for six weeks, setting up late night negotiations between the White House and Congress. U.S. stocks rallied, U.S. bond yields slipped, but the news dragged on gold prices for the past three days moving back below $1,300.

- Spot Gold was up 23% to $1,291.09 an ounce as of 07:20 GMT+3

Boehner`s proposal to postpone a potential U.S. debt default for roughly six weeks doesn`t reopen the government, but paves the way for Democrats and Republicans to deliberate on last deal that will address both the federal government budget and the debt ceiling.

Meanwhile, the precious metal is trading again in a tight range below the $1,300 before the weekend, seeking to rebound, but prices are likely to remain below that mark amid lack of economic fundamentals and soft physical demand.

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