Gold Drops From Record on Optimism Congress to Approve Debt Deal
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Gold declined from a record in New York on optimism that Congress will pass a compromise to raise the U.S. debt limit and prevent a default, curbing demand for the metal as an investment heaven.
Leaders of both parties agreed on a plan to raise the debt ceiling by at least $2.1 trillion, President Barack Obama said yesterday. The House plans votes today on the agreement and the Senate may follow. Senate Majority Leader Harry Reid said he expects a vote “hopefully during” today’s session.