Gold Rises to $1,322.41 an Ounce as Government Shutdown Continues

- October 2nd, 2013

Gold prices rose Oct. 2 as the U.S. government shutdown continued.

Gold prices rose Oct. 2 as the U.S. government shutdown continued. Spot gold was up $38.35 to $1,322.41 an ounce.

“Gold was expected to get stronger support from the U.S. political shutdown … it is gaining some ground today (but) it is still at risk of further liquidation,” Societe Generale analyst Robin Bhar said, according to Reuters.

Weaker-than-expected employment data also impacted gold prices today. Gold traders have kept a close watch on employment data as it can signal the Federal Reserve’s next move on its stimulus program, The Wall Street Journal reported. Gold futures for December delivery were also up today $13.10 to $1,299.70 an ounce.

Gold prices are expected to increase rapidly in the next few days due to the uncertainty of U.S. policy decisions as investors “seek and then forsake the haven asset,” said WSJ. Ira Epstein, director of the Ira Epstein division at the Linn Group, said he views the current conditions as a “phenomenal opportunity” to trade gold.

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