Gold, Silver prices rise; Base Metals fall - ZENMoney

Gold prices rose due to safe haven demand sparked by mounting concerns that the US Congress may struggle to meet the deadline for raising the federal debt ceiling, with no sign of politicians were willing to resolve a budget impasse and raise the debt ceiling. With no major US data scheduled for release, the level of physical demand will be closely watched to gauge market sentiment. A weaker US dollar against basket of currencies supported the Yellow metal's rise further.

Silver Prics rose due to strengthening Euro against US dollar as concerns over the US government shutdown and the looming threat of a US default weighed on the market sentiment. Silver prices gained at domestic market on hectic speculative off-take bolstered by industrial demand

Base metals fell due to concerns over the global economic outlook and as the US government closure continued to weigh on sentiment along with comments made over the weekend by Republican House Speaker John Boehner stoked fears that the political deadlock in Washington will not be resolved by October 17. A weakening US dollar supported the base metals at lower levels.

Source : Equity Bulls

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