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Gold Spiked Above $1300

Sam RoOct 17, 2013, 15:15 IST

Gold prices are up and the dollar is down.

Currently, gold is trading at $1,304 per ounce, up $21 or 1.7% today. Prices got as high as $1,320 earlier today.

The move comes in the wake of Washington's deal to end the government shutdown and raise the debt ceiling.

S&P estimates that the shutdown took $24 billion out of the economy.

With elevated uncertainty pressuring the economy, many economists expect the Federal Reserve to keep monetary policy easy via its $85 billion monthly asset purchase program.

Bloomberg.com