Bullions stay steady

Gold ends marginally lower while silver ends marginally higher

Bullion metal prices ended steady on Tuesday, 08 October 2013 at Comex. Prices ended the U.S. day session near unchanged and in the middle of the day's narrow trading range on Tuesday. Gold and silver markets languished on a lack of fresh, bullish fundamental inputs. The focus of the market place continues on the closure of the U.S. government and lack of progress toward reopening it.

December gold ended lower by $0.50 (0.03%) at $1324.6 per ounce on Tuesday.

December silver ended higher by 6 cents or 0.3% of $22.44 per ounce.

The partial U.S. government shutdown is in its eighth day with still no serious movement from either Democrats or Republicans. In fact, the Republican Congress and President Obama appeared to dig in their heels farther on Tuesday. Some gold market bulls have expressed frustration their metal has not seen stronger safe-haven demand amid the latest U.S. government fiasco.

The World Bank and International Monetary Fund hold annual meetings in Washington, D.C., at the end of this week. Any proclamations or overtures made by the U.S. at the meeting would be at least somewhat discounted by the inability of U.S. lawmakers to agree on a spending plan.

Most U.S. economic data is not being released due to the U.S. government closure. However, the Fed's FOMC minutes will be released on Wednesday and will be closely scrutinized by the market place. Other Fed officials are speaking this week. Traders and investors will be very interested in seeing what these officials say about the U.S. government shutdown's impact on the U.S. economy.

At the MCX, gold prices for December delivery closed higher by Rs 133 (0.45%) at Rs 29,619 per ten grams. Prices rose to a high of Rs 29,750 per 10 grams and fell to a low of Rs 29,401 per 10 grams during the day's trading.

At the MCX, silver prices for December delivery closed higher by Rs 322 (0.64%) at Rs 49,952/Kg. Prices opened at Rs 49,665/Kg and fell to a low of Rs 49,261/Kg during the day's trading.

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