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Gold & Silver Rally on Budget Talks, Copper Gains on Housing

September 25, 2013 at 21:41 by Vladimir Vyun

Gold and silver rallied today, following four straight session of losses, on budget talks in the United States. US politicians cannot reach an agreement about spending and this may potentially lead to a federal government shutdown. Nobody believes that it will actually happen, but traders are worried and buy precious metals as a safe haven. December futures for gold surged as much as $16.9 (1.28 percent) to $1,333.2 per troy ounce as of 21:22 GMT on COMEX today. Contract for delivery of silver added $0.22 (1.04 percent) to $21.28 per ounce.

Copper managed to gain too, despite nervousness on markets, as the US housing market continues to look good, promising steady demand for the metal used in construction. New home sales were at the seasonally adjusted annual rate of 421,000 in August up from the downwardly revised July rate of 390,000. Signs of growth in China also supported the appeal of the industrial metal. Copper was up $0.016 (0.49 percent) to $3.2725 per pound today.

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