Reuters logo
PRECIOUS-Gold edges up as U.S. shutdown drags on, debt limit looms
October 7, 2013 / 12:32 AM / 4 years ago

PRECIOUS-Gold edges up as U.S. shutdown drags on, debt limit looms

SINGAPORE, Oct 7 (Reuters) - Gold ticked up in early Asian
trading on Monday as the near-week long U.S. government shutdown
raised fears Congress may struggle to raise the U.S. debt
ceiling, burnishing bullion's safe-haven appeal. 
      
    FUNDAMENTALS
    * Spot gold had gained 0.2 percent to $1,313.04 an
ounce by 0011 GMT. Platinum rose 0.5 percent as mine
strikes threatened to hurt supply.
    * Democrats and Republicans remained far apart in ending the
first government shutdown in 17 years over a spending bill,
stoking fears they would not be able to reach a deal to raise
the U.S. borrowing limit by Oct. 17 to avoid an unprecedented
debt default.
    * Republican House Speaker John Boehner vowed on Sunday not
to raise the U.S. debt ceiling without a "serious conversation"
about what is driving the debt, while Democrats said it was
irresponsible and reckless to raise the possibility of a U.S.
default. 
    * Congress should limit Wall Street's controversial role in
commodity markets, and rewrite a law that gives banks broad
leeway to own oil, metals and other raw materials, a senior U.S.
regulator said on Friday. 
    * India's customs department has cleared more than a tonne
of gold, part of which was owned by Bank of Nova Scotia, at
Mumbai airport after rule clarifications at a high-level meeting
held last month, industry and bank officials said on Saturday.
 
    * Platinum operations around the South African mining city
of Rustenburg will face water use restrictions because of a
drought, hurting the world's three largest platinum producers
which have developments there. 
    * No. 1 platinum producer Anglo American Platinum 
is already facing a strike at its South African operations that
it said was cutting output by an average 3,100 ounces a day.
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * Asian markets look set for a cautious start to the week on
Monday, with U.S. stock futures and the dollar coming under
pressure due to the budget standoff. The dollar was still not
too far off from its eight-month low. 
        
    DATA/EVENTS (GMT)
    0500 Japan Coincident indicator 
    0500 Japan Leading indicator 
    0830 Euro zone Sentix index 
    
  Precious metals prices 0011 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1313.04    2.43   +0.19    -21.59
  Spot Silver        21.76    0.11   +0.51    -28.14
  Spot Platinum    1387.99    7.39   +0.54     -9.58
  Spot Palladium    698.97    1.97   +0.28      1.01
  COMEX GOLD DEC3  1313.90    4.00   +0.31    -21.60         2227
  COMEX SILVER DEC3  21.81    0.05   +0.24    -28.05          808
  Euro/Dollar       1.3564
  Dollar/Yen         97.20
 
  COMEX gold and silver contracts show the most active months
 
 (Reporting by A. Ananthalakshmi; Editing by Joseph Radford)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below