The record price for the precious metal now stands at $1,594.45 per troy ounce, which was set on Thursday. On Wednesday, gold futures established highs for the first time since early May, and analysts correlated the all-time high climb with concerns about debt.
"The biggest risk to gold at current prices is not just investors banking profits" but supply of scrap as well, states a Friday report by analyst Edel Tully of UBS in London. Yet "the overall macroeconomic climate is very supportive of gold."
At 5:39 a.m. on Friday, gold futures fell 0.60 percent, a $9.60 drop to $1,579.70 per troy ounce.
Negotiations between President Obama and Republican leaders regarding the U.S. debt ceiling, which have been described as contentious, will not ensue on Friday, according to MSNBC. The president suspended the talks, which are likely to continue over the weekend so the leaders may beat the August 2 deadline by which the U.S. would default.
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