Gold edges down toward 3-week minimum after Congress hits spending deal

Gold edges down toward 3-week minimum after Congress hits spending deal

On Monday, gold headed south in European trade, making its way toward a three-week minimum after American congressional leaders came to an agreement to fund the government via the fall, thus easing worries as for a shutdown of the federal government.

Gold futures went down 0.4%, hitting $1,263.80 a troy ounce. Meanwhile, spot gold showed $1,262.50.

Additionally, silver futures decreased 0.6%, trading at $17.16 a troy ounce, having touched a more than six-week minimum of $17.08 earlier in the trading session.

On Monday, trading activity was supposed to remain moderate, with most markets in Great Britain, Asia and Europe unavailable for the May Day holiday.

On Sunday, talks in the American Congress hit a deal late on approximately $1 trillion in federal funding that would finance the government through September 30 and also prevent a government shutdown already this week.

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