Gold prices on Wednesday morning rose for the first time in four trading sessions on mounting concern that U.S. budget negotiations will collapse and lead to a government shutdown.
Gold futures for delivery in December were up 0.6% to $1,324.70 an ounce on the Comex in New York. The price declined 3.9% in the previous three sessions.
“Worries about the U.S. government shutting down are pushing people to gold,” Phil Streible, a senior commodity broker at R.J. O’Brien & Associates in Chicago, told Bloomberg News.
Concerns about a stalemate in Washington have triggered huge rises in precious metals in the past. Gold reached a record $1,923.70 on Sept. 6, 2011, as investors flocked to the metal because of concerns about raising the debt ceiling.