Gold, Silver prices fall; Base metals rise - ZENMoney

Gold prices fell on signs that a deal might be reached to avert a potential US debt default along with a strengthening US dollar against basket of currencies. Gold Prices remained rangebound, with buyers on the sidelines due to a lack of US data and anxiety over the deadlock in Washington. Gold's losses were limited by a six month high US weekly jobless claims as a computer-related backlog of claims was processed and a partial US. government shutdown began to hit some non-federal workers.

Silver Prics fell due to a weaker Euro against US dollar on rising optimism Washington lawmakers might reach a deal to avert a US default. Weekly US jobless claim datawhich hit a six-month high last week. But that move was fleeting, limited the fall in the white metal. Silver prices fell at domestic markets on selling against reduced offtake by industrial units and coin makers along with a rebound in the indian currency.

Base metals rose as signs the the US government could reach an agreement on the budget and debt-limit standoff as US President Barack Obama is due to meet with top House Republicans later on Thursday, after meeting with House Democrats on Wednesday. However, a strengthening US dollar against basket of currencies capped the upside in the base metals.

Source : Equity Bulls

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