Gold Prices Volatile as Congress Inches towards Debt Ceiling Solution

Chris Mullen at GoldSeek.com wraps up Monday's action...

Gold Prices fell $17.65 to as low as $1610.15 by a little after 9:30am EST on Monday, before jumping to as high as $1631.74 by early afternoon in New York. The Gold Price then fell back off a bit in the last hour of trade and ended with a loss of 0.57%. 

Euro Gold Prices climbed to about €1137.

The Silver Price fell to $39.027 before it climbed to as high as $40.02, but it also fell back off in late trade and ended with a loss of 2.12%.

Silver and Gold Mining stocks rose over 1% in the first half hour of trade before they fell back off a bit, but they still ended with modest gains.

Platinum gained $9.25 to $1787.25, and copper dropped 7 cents to about $4.40.

Oil fell while the US Dollar index and US Treasuries rose on weak economic data that sent the Dow, Nasdaq, and S&P markedly lower at times, but optimism over a debt deal gave some strength to the major indices both at the open and also in late trade.

Congressional leaders scrambled for enough votes on Monday to push through an 11th-hour White House-backed deal to raise the US borrowing limit and avert an unprecedented debt default.

Leaders of both parties worked furiously to sell their rank-and-file on a deal reached with President Barack Obama on Sunday in a bid to end an acrimonious impasse that has undermined America's stature at home and abroad.

Among the big names making news in the market Monday were Google, Kodak, Honda, HSBC, Allstate, and American Express and Verizon Wireless.

Tuesday 8:30am EST brings Personal Income for June expected at 0.1%, Personal Spending expected at 0.1%, and Core PCE Prices expected at 0.2%.

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