Gold Up to $1,327.94 an Ounce

Oct. 07, 2013 05:36AM PST

Gold prices increased Oct. 7 due to the continued U.S. government shutdown creating a demand for the metal as a store of value, Bloomberg reported.

Gold prices increased Oct. 7 due to the continued US government shutdown creating a demand for the metal as a store of value, Bloomberg reported.

Gold futures for December delivery reached $1,323.50 an ounce, up $13.24 from the previous session. The rise in gold comes after the metal sank 2.2 percent last week as investors thought the government shutdown would not last as long as it has, the source said.

Spot gold prices rose to a high of $1,327.94 an ounce today, an increase of $17.26, Reuters reported.

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