Exchange traded funds were consolidating some of their recent gains on Monday as markets breathed a sigh of relief after the White House and U.S. lawmakers reached a deal over the weekend to boost the debt ceiling again.
SPDR Gold Shares (NYSEArca: GLD) declined 0.4% in premarket trade, while iShares Silver Trust (NYSEArca: SLV) fell 1.2%.
Still, gold futures remained over $1,620 an ounce, near the metal’s nominal record high. [Gold ETFs Add Record Amount of Bullion as Prices Jump.]
“We’ll see gold take a little breather, it may go back to $1,550 an ounce,” Jonathan Barratt, managing director at Commodity Broking Services, told The Wall Street Journal.
The precious metal has “only as much this morning as it gained on Friday,” Commerzbankanalyst Eugen Weinberg said, according to FastMarkets. “Speculators are still doing their bit to boost prices.”