Gold slumps after U.S. lawmakers agreed to raise the debt ceiling

Gold is currently trading around Friday's opening level, but still, the metal is trading lower, affected by the U.S. agreement to raise the debt ceiling, where Obama announced that lawmakers have come to an agreement and voted to raise the debt ceiling alongside with voting on spending cuts during the coming period, which eased demand for gold as a safe haven.

Gold inclined today after the opening of $1605.55 per ounce, far from Friday's closing at $1625.70, but still, the metal is trading lower around $1615.60 in the moment, after recording the high of $1617.32 and the low of $1605.55 per ounce.

Gold's demand as a safe haven slumped, after the metal advanced during the past week to set a new historical record at $1632.45 per ounce affected by rising concerns regarding the situation in the world's largest economy, but returned to trade lower after lawmakers agreed to raise the debt ceiling and to apply spending cuts through the coming period to balance the budget and to reduce the deficit.

U.S. lawmakers have finally perceived the consequences of a default and voted to raise the debt ceiling, which eased the jitters that controlled the market in the past week and softened demand for a safe haven and spread a wave of relief in the market, after pessimism was dominant.

The shiny metal is holding the gains recorded in July, where the metal advanced big time on the European debt crisis and the U.S. debt ceiling, where after the opening of $1500.06 in the past month, the metal surged during the month to set a new historical record at $1632.45 per ounce, and closed the month at $1625.70.

Among other precious metals, silver is also trading lower today and fluctuating since the opening of $39.48 per ounce, the metal recorded the high of $39.74 and the low of $39.10 and is currently trading around $39.53 per ounce.

Platinum is also trading lower, but within narrow levels and is fluctuating heavily since the opening of $1784.00, recording the high of $1788.00 and the low of $1780.00 and is currently trading around $1783.00 per ounce.