Gold plunged nearly $20.00, sinking as low as $1,607.50 per ounce

Gold plunged nearly $20.00, sinking as low as $1,607.50 per ounce, after Sunday’s news that Senate Majority Leader Harry Reid approved a tentative agreement with leaders of the House of Representatives and the Obama administration to raise the U.S. debt ceiling. Approval by Senate Democrats is still necessary to cement a deal, but it appears that the debt ceiling will be raised and a default averted.

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