This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Gold Slips as U.S. Shutdown, Debt Ceiling Loom (Update 1)

Updated from 11:13 a.m. ET with analyst comment and settlement prices

NEW YORK (TheStreet) -- Gold prices slipped on Thursday as traders weighed the possibility of Congress avoiding a government shutdown.

If the House and Senate can't agree on a bill to fund the government by Sept. 30, operations will shut down for non-excepted federal workers.

Gold for December delivery at the COMEX division of the New York Mercantile Exchange lost $12.10 to settle at $1,324.10 an ounce. The gold price traded as high as $1,340 and as low as $1,319.20 an ounce, while the spot price was off $8.12 to $1,324.06.

Also looming is the prospect of the United States reaching its debt ceiling.

Must Read: Global Macro: What Influences GDX

"Last time we had this scenario, gold had a good move on the upside and there is no reason to suspect it may not do the same, should the two houses and the President attempt once again to play a game of brinkmanship," David Govett, head of precious metals at Marex Spectron, said in a note.

"The government is a little bit like Chicken Little: any investors out there, whether they're small or large, knows that there will be some twelfth-hour solution that doesn't shut down the government and not extend the debt limit."

Silver prices for December delivery lost 12 cents to $21.77 an ounce, while the U.S. dollar index was adding 0.25% to $80.55.

Gold mining stocks were mostly lower on Thursday, in line with the drop in gold prices.

Among volume leaders, Barrick Gold (ABX - Get Report) was losing 0.75%. AngloGold Ashanti (AU - Get Report) , one of the few gainers earlier, was sinking 1.3%. AngloGold Ashanti CEO Shrinivasan Venkatakrishnan told TheStreet in an interview that the company is still cutting costs and taking other measures to account for the new lower gold price environment.

Gold ETF SPDR Gold Trust (GLD) was off 0.9%.

-- Written by Joe Deaux in New York.

>Contact by Email.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
GLD $114.46 0.77%
ABX $11.58 3.21%
AU $10.77 3.46%
AAPL $94.27 -0.76%
FB $101.00 1.47%


Chart of I:DJI
DOW 15,914.74 -99.64 -0.62%
S&P 500 1,851.86 -0.35 -0.02%
NASDAQ 4,283.5920 +14.8290 0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs