Gold slipped for a fifth session out of seven on Wednesday as safe-haven bids slowed on hopes U.S. lawmakers would hash out a last-minute agreement to raise the debt ceiling before a Thursday deadline.
FUNDAMENTALS
Ø Spot gold had fallen 0.4 percent to $1,275.69 an ounce by 0022 GMT. It gained 0.6 percent on Tuesday as safe-haven buying emerged on fears the U.S. credit rating could be cut.
Ø Democratic and Republican leaders in the U.S. Senate could announce a deal late on Tuesday to extend the government’s borrowing authority until Feb. 7 and quickly re-open federal agencies that have been closed since Oct. 1, a Senate aide said.
Ø Fitch Ratings warned it could cut the sovereign credit rating of the United States from AAA, citing the political brinkmanship over raising the debt ceiling.
Ø “Reckless” U.S. fiscal policy will likely force the
Ø Federal Reserve to stand pat on monetary policy this month, said Dallas Fed president Richard Fisher.
Ø Gold premiums in India, the world’s biggest buyer of the precious metal, hit a record $100 an ounce, about 8 percent over London prices, on a shortage of supplies to meet festival demand, traders said on Tuesday.
Precious metals prices 0022 GMT
Metal |
Last |
Change |
Pct chg |
YTD pct chg |
Volume |
Spot Gold |
1275.69 |
-4.5 |
-0.35 |
-23.82 |
|
Spot Silver |
21.19 |
-0.06 |
-0.28 |
-30.02 |
|
Spot Platinum |
1375.99 |
-1.01 |
-0.07 |
-10.36 |
|
Spot Palladium |
703.5 |
-2 |
-0.28 |
1.66 |
|
COMEX GOLD DEC3 |
1275.7 |
2.5 |
0.2 |
-23.88 |
5182 |
COMEX SILVER DE C3 |
21.22 |
0.02 |
0.11 |
-30 |
929 |
Euro/Dollar |
1.3519 |
||||
Dollar/Yen |
98.51 |
COMEX gold and silver contracts show the most active months
Source: Reuters
Source :Bullion Bulletin