Bullions end 0.8% higher

Gold futures close near a one-week high

Bullion metal prices ended higher at Comex on Wednesday, 16 October 2013. Gold futures closed near a one-week high on Wednesday after U.S. senators reached a deal to end the government shutdown and raise the nation's debt limit.

Gold for December delivery climbed $9.10, or 0.7%, to settle at $1,282.30 an ounce on the Comex division of the New York Mercantile Exchange.

December silver rose 17 cents, or 0.8%, to $21.37 an ounce.

On Wednesday, US lawmakers appeared to be on the verge of striking a deal that would fund the government through 15 January while extending the debt ceiling until 7 February, and maintaining the sequester.

On the economic front, the weekly MBA Mortgage Index ticked up 0.3% to follow last week's increase of 1.3%.

Separately, the October NAHB Housing Market Index fell to 55 from 58. Today's report was below the reading of 57 expected by the consensus.

Also of note, the Federal Reserve released its Beige Book, which did not contain many surprises. The report said economic growth during the period between September and early October continued at a "modest to moderate pace" while employment continued to grow modestly. The report also touched on the budget deadlock, saying the situation contributed to an increase in uncertainty.

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