Gold prices rose as the dollar retreated from a two-month high, but are on track for a third straight weekly loss, as traders assess progress in US debt ceiling negotiations and await the Federal Reserve’s next monetary policy move.
And gold increased in spot trading by 0.3 percent to 1945.39 dollars, after it recorded its lowest level since March 22 at 1936.59 dollars. US gold futures rose 0.1 percent to $1,945.90. But the yellow metal fell 1.6 percent since the beginning of the week.
ACI Securities’ chief economist, Clifford Bennett, said expectations of a resolution to the debt ceiling crisis are sweeping the market, and there is generally an expectation of further monetary tightening from the Federal Reserve, which could put some pressure on gold.
The dollar fell 0.1 percent on the day, but remained near its highest level since March 17. Benchmark Treasury yields are also close to the high levels seen in March.
Silver rose in spot trading 0.3 percent to 22.83 dollars, platinum increased 0.4 percent to 1024.63 dollars, and palladium rose 0.3 percent to 1420.40 dollars.
2023-05-26 04:33:30
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