Investing.com - Financial Markets Worldwide

Gold Price Even Despite U.S. Government Shutdown

ByFX Solutions
AuthorJames Chen
Published 10/02/2013, 12:22 AM
Updated 01/01/2017, 02:20 AM
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The value of gold has held despite the US government's shutdown after Congress was unable to agree a new budget deal.

Spot gold was down Monday, but the precious metal climbed back to $1,336.70 hours after the shutdown was confirmed, Mining.com reports.

Investors typically flock to safe havens such as gold in situations such as these, but this has not been the case so far.

US president Barack Obama was unable to persuade the House of Representatives to agree on his new budget programme. The US will hit its debt ceiling on October 17th unless a deal is done in the meantime.

Kitco's technical analysis revealed that it sees gold in a short-term holding pattern, although it could break out closer to the October 17th debt ceiling deadline.

Last month, Goldman Sachs raised its gold forecast for the second half of the year. It now expects the value of the precious metal to reach as high as $1,388.

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