RTRS:Oil jumps, gold skids on last-minute US debt deal
* Obama says Republican, Democrat leaders agree on US debt deal
* Oil jumps more than $1, gold slips from record high
* Relief rally may be short-lived as economic woes weigh
* China PMI at 28-month low in July (Updates prices, adds impending U.S. vote on debt deal)
By Manolo Serapio Jr
SINGAPORE, Aug 1 (Reuters) - Oil, industrial metals and grains rose on Monday and gold lost some safe-haven appeal after U.S. lawmakers agreed to raise the U.S. debt limit to avert default, but euphoria over the news could be brief, given a bleak macroeconomic outlook.
Republican and Democratic lawmakers were expected to vote later in the day on a White House-backed deal which raises the United States' $14.3-trillion borrowing ceiling and cuts about $2.4 trillion from the deficit over the next decade.
"A deal has finally been reached and as a result of that, you should get euphoric buying in the commodity and equity markets," said Jonathan Barratt, managing director at Commodity Broking Services in Sydney.
Even before U.S. President Barack Obama announced that Republican and Democratic leaders in Congress had reached a compromise, oil rose more than a dollar and gold slipped from record highs as soon as Asian markets opened, with investors sensing a deal was coming.
