Gold prices stabilized, on Thursday, supported by the decline of the dollar and remained confined to a narrow range, as investors assessed expectations related to the upcoming moves of the Federal Reserve (the US central bank) regarding interest rates, after a decisive vote on the debt ceiling agreement in the United States.
Investors reacted mutedly to the US House of Representatives’ approval of a bill allowing a suspension of the government’s borrowing cap and averting default, and the market’s focus has now shifted to the Senate, which will vote on the bill, as well as to interest rate expectations.
Brian Lan of Gold Silver Central, a gold trading company in Singapore, said that gold prices may rise to a level close to $ 1980 in the near term, but it will not witness a significant upward movement because the markets are still speculating that the US central bank will raise interest rates at greater rates.
The change in prices
Gold prices settled in spot transactions at $ 1963.49 an ounce, by 0446 GMT. US gold futures settled at $1963.10. Bullion prices fell on a monthly basis in May.
In terms of other precious metals, spot silver prices rose 0.2 percent to $23.52 an ounce, platinum rose 0.5 percent to $998.33, and palladium jumped 1.1 percent to $1,376.41.
2023-06-01 07:49:27
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