Gold futures closed lower on Tuesday (2 / 
morning was, when U.S. lawmakers prepared to vote on a deal to raise the debt ceiling and the deficit.
Metal rose after indicator of manufacturing activity worse than expected. But voting for a new credit limit weighing gold record.
“Gold futures certainly deserves a little break,” said James Cordier, portfolio manager at Optionsellers.com, Florida. Thus quoted from yahoo.com.
Gold prices for December delivery fell U.S. $ 9.50, or 0.6%, ending at U.S. $ 1,621.70 an ounce on the Comex division of the New York Mercantile Exchange. Gold traded at its lowest level at U.S. $ 1,608.20 an ounce in early trade U.S. stocks, but rose slightly after manufacturing data which is lower than the estimate.
Institute for Supply Management reported the index fell to 50.9% in July, the worst in two years. A reading above 50% indicates expansion, and analysts expect the figure 54.3%. This pushed U.S. stocks to a negative area and crude oil futures fell on the Nymex.
President Barack Obama and Senate leaders announced a debt deal that will cut spending and increase the debt ceiling. Compromise brings gold futures are down from recent record close at U.S. $ 1,631.20 per ounce on Friday. Contract intraday on Friday, also hit a record U.S. $ 1.637.50 per ounce.
Safe-haven of precious metals has attracted buying during the last trade in July, after a delay a vote on the plan’s debt and the release of disappointing U.S. GDP data.
Other Metal Prices
Other metals prices varied, with silver and copper following the weakening of gold. Silver for September fell 80 cents, or 2%, to as low as U.S. $ 39.31 per ounce. Copper for September the same , which rose in early trade, turned down 7 cents to $ 4.41 per pound. Copper has risen in the last session due to a strike at Chile’s Escondida, the world’s largest copper mines, which continued on day 11.
Platinum and palladium firmed.Platinum for October rose U.S. $ 9.30, or 0.5%, to U.S. $ 1,794.60 an ounce. Palladium for September rose $ 1.80, or 0.2% to U.S. $ 829.50 an ounce. – Gold Futures
