Gold futures rose today after the announcement of a tentative deal to pass debt limit legislation. The move reflected investors abandoning short positions in gold, which traditionally serves as a hedge against the dollar and U.S. Treasurys. “If you’ve been using [gold] as a trading vehicle, you want to get out, because there’s no more reason to be on the short side of gold,” said George Gero, precious metals strategist at RBC Capital Markets.
Default Deal Creates Gold Bounce
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