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Gold rises in price , while the U.S. dollar fell against most other currencies as U.S. lawmakers apparently did not come close to reaching an agreement on the debt ceiling , despite the approaching deadline .
The talks between President Barack Obama and Republicans aimed at the resolution of the budget impasse at the weekend failed, despite signs of a possible compromise. Then the talks moved to the Senate , where party leaders are trying to work out an agreement on spending and tax reforms and pass a bill that could be quickly approved by both chambers .
Pausing the government has been going on day 14 . Meanwhile approaching Oct. 17 , the deadline for raising the U.S. debt limit , as investors sell the dollar , referring to so-called safe-haven currencies such as the Japanese yen and the Swiss franc.
Most investors still believe that lawmakers will reach an agreement on the budget and prevent a U.S. default on the debt. However, some market observers believe that the talks in Washington will have a lasting impact on the dollar, even if a solution is found .
Stocks of the world's largest exchange-traded fund backed by gold (ETF) SPDR Gold Trust, best reflect the mood of investors , on Friday declined by 5.4 tons to 890.98 tons.
The cost of the December gold futures on COMEX today rose to $ 1291.60 per ounce.
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