Gold sank as hopes for an end to the US budget stalemate continued to erode the appeal of the metal as a store of value. President Barack Obama and House Republican leaders were talking about a plan to temporary increase the debt ceiling as a measure to avoid a default on October 17. It looks like the President is going to agree with the proposal.
COMEX halted trading for the
December futures for delivery of gold tumbled as much as $28.7 (2.21 percent) to settle at $1,268.2 per troy ounce on COMEX.
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