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MTECHTIPS;-Gold inches higher with U.S. shutdown, debt ceiling debate in focus

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					 MTECHTIPS
Gold inches higher with U.S. shutdown,
      debt ceiling debate in focus




 Gold futures inched higher during European morning
hours on Monday, amid ongoing uncertainty over the
  U.S. government shutdown and the upcoming debt
ceiling debate. On the Comex division of the New York
   Mercantile Exchange, gold futures for December
   delivery traded at USD1, 311.30 a troy ounce, up
 0.1%. Prices traded in range between USD1, 311.20 a
 troy ounce, the daily low and a session high of USD1,
  316.20 a troy ounce. The December contract ended
0.58% lower on Friday to settle at USD1, 309.90 a troy
   ounce. Gold futures were likely to find support at
 USD1,278.20 a troy ounce, the low from October 2 and
  resistance at USD1,344.40, the high from September
 27.Investors continued to monitor negotiations over a
       U.S. budget impasse that has kept the federal
 government shut down since October 1.Markets were
      also mulling over how the political deadlock in
Washington will impact on negotiations to raise the U.S.
  debt ceiling, which the U.S. Treasury Department has
  estimated will be reached by October 17.Republican
  House Speaker John Boehner said Sunday the House
 will not support bills to fully reopen the government or
increase the U.S. debt ceiling unless Democrats agree to
  talks about spending cuts. Meanwhile, delays in U.S.
economic data releases looked likely to fuel uncertainty
 over whether the Federal Reserve will hold off on any
    move to roll back its USD85 billion a month asset
                    purchase program.
                WWW.MTECHTIPS.COM
                    0748924118-119

				
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Description: MTECHTIPS;-Gold inches higher with U.S. shutdown, debt ceiling debate in focus Gold futures inched higher during European morning hours on Monday, amid ongoing uncertainty over the U.S. government shutdown and the upcoming debt ceiling debate.On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,311.30 a troy ounce, up 0.1%. Prices traded in range between USD1,311.20 a troy ounce, the daily low and a session high of USD1,316.20 a troy ounce.The December contract ended 0.58% lower on Friday to settle at USD1,309.90 a troy ounce. Gold futures were likely to find support at USD1,278.20 a troy ounce, the low from October 2 and resistance at USD1,344.40, the high from September 27.Investors continued to monitor negotiations over a U.S. budget impasse that has kept the federal government shut down since October 1.Markets were also mulling over how the political deadlock in Washington will impact on negotiations to raise the U.S. debt ceiling, which the U.S. Treasury Department has estimated will be reached by October 17.Republican House Speaker John Boehner said Sunday the House will not support bills to fully reopen the government or increase the U.S. debt ceiling unless Democrats agree to talks about spending cuts.Meanwhile, delays in U.S. economic data releases looked likely to fuel uncertainty over whether the Federal Reserve will hold off on any move to roll back its USD85 billion a month asset purchase program. WWW.MTECHTIPS.COM 0748924118-119