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Gold prices fell as much as 1% in Asian trading Monday as an agreement by U.S. lawmakers on a deal to lift the country’s debt ceiling prompted investors to sell the yellow metal in favor of riskier assets.

Spot gold was at $1,613.50 a troy ounce at 0605 GMT, down $13.70 or 0.8% from its previous New York close. Gold touched an early intraday low of $1,607.60/oz shortly after President Barack Obama announced that the world’s largest economy would raise its borrowing limit and could avoid a default on its debts, reducing the appeal of safe-haven assets including gold.

The news is “near-term bearish” for gold, said Jeremy Friesen, commodity strategist at Societe Generale Corporate & Investment Banking, although he said both silver and gold still have “fairly good support” from continued tail risks and negative real interest rates.

Jonathan Barratt, managing director of Commodity Broking Services in Sydney, said he expects a retracement back towards $1,550/oz as investors move cash from precious metals to equities, and this “euphoric bounce” in risk appetite could last for up to two weeks, he said.

Once the market digests the U.S. news, gold prices are poised to rebound on continuing concerns over the European debt crisis, traders in Tokyo and Hong Kong said. The possibility of a downgrade of the U.S.’s triple-A credit rating despite its debt deal could also encourage gold buying again, traders said.

Silver prices drifted lower in line with gold, falling to $39.41/oz, down 49 cents from their previous close. The grey metal is likely to trend lower alongside gold in the next few days, traders said, but added that it will continue to enjoy support from safe-haven investors seeking a less expensive home for their cash than gold.

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