Gold Slumps to Four-Week Low on U.S. Budget Impasse
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Gold futures slumped to a four-week low, closing under $1,700 an ounce, as a stalemate in U.S. budget talks drove commodities down. Silver, platinum and palladium also dropped.
Twenty-one of 24 raw materials in the Standard & Poor’s GSCI Spot Index fell. Democrats and Republicans have four weeks left before more than $600 billion in tax increases and federal spending cuts are triggered. Gold slid about $12 an ounce in about a minute during Asian trading, data compiled by Bloomberg show.