On Monday, the precious metal set a new record with its 11th straight day of gains, marking the longest consecutive-day winning streak in more than 90 years. Drivers for bullion's climb include the meeting later this week in Brussels of euro zone officials to continue negotiating how Greece's tranche of aid will arrive and ongoing negotiations in Washington regarding the U.S. debt ceiling's increase.
"The world is shunning fiat currencies and is rushing to embrace gold as the only long-standing currency," according to the Gartman Letter, which is edited by economist Dennis Gartman of Suffolk, Virginia. "A correction of serious consequence is coming. Eventually there will be a massive crack in gold and silver."
At 7:37 a.m. on Tuesday, gold futures were up 0.04 percent, a 60 cent rise to $1,603 per troy ounce.
The Washington Post reports Republicans are adamant about the sole way of mandating a balanced federal budget is by amending the U.S. Constitution. But the Senate is "certain" to defeat the plan, the newspaper states.
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