Gold plunges to 2-month lows on metals futures‘s Red Ocean

FXstreet.com (Chicago) – Gold plunged to 2-month lows below the $1,300 key psychological level on US government talks to end the shutdown. With Wall Street printing gains and WTI oil cracking down, derivatives markets took a hit on Tuesday’s session.

US manufacturing results were better than expected with the ISM manufacturing PMI at 56.2 vs. expected 55.0. In the meantime, democrats express their discomfort with republicans and president Obama does not hesitate to blame the other party implying no negotiations will take place maintaining the shutdown indefinitely.

Gold is offered at $1,289.40 retracing 2.83% with lows at $1,282.40 and highs at $1,337.80. Silver is also down and prints 2.51% losses to trade at $21.17 printing lows at $20.63 and highs at $21.97. Platinum retraces 1.34% and is offered at $1,389.30 registering lows at $1,375.00 and highs at $1,414.40. Copper is down 1.35% and is offered at $3.2780 printing lows at $3.2490 and highs at $3.3375. Finally, palladium is down 0.95% and is offered at $720.25 printing lows at $714 and highs at $729.05.