Gold paused on Thursday after the previous session's run to a record high, as investors sidelined themselves ahead of a close US House vote on a controversial Republican deficit-reduction plan. Silver dropped over 1 percent as Wall Street rose ahead of the vote on a proposal presented by US Rep. John Boehner, the top Republican in Congress.
Spot gold was down 41 cents at $1,612.59 an ounce by 2:08 PM EDT. It hit a record $1,628 an ounce on Wednesday, its second all-time highs this week, before correcting sharply later in the day. US gold futures for August delivery settled down $1.70 an ounce at $1,613.40. Volume was heavy for a second day, as the market stayed volatile after investors exercised a large number of in-the-money calls at Tuesday's option expiration.
Silver was down 1.3 percent at $39.67 an ounce. In early trade, gold briefly rose above $1,620 an ounce. But it quickly retreated as investors grew less risk-averse after news that US jobless claims hit a three-month low last week while contracts to buy existing homes rose in June. Spot platinum was up 0.1 percent at $1,785.99, while spot palladium was up 0.2 percent at $824.25.
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