Information / Baghdad..
Gold prices moved slightly in early trading Thursday, after the dollar’s rise and increased optimism about talks to raise the US debt ceiling weakened the yellow metal’s attractiveness as a safe haven.
Edward Meer, a metals analyst at Marks Financial Services, said that gold may remain in a range ranging from 1965 to 2020 dollars during the next two weeks, but the general trend remains somewhat weak, as the growing optimism towards the debt ceiling crisis is also likely to lead to Increased stress on the alloy.
He added that many of the macroeconomic numbers in the US came out stronger than expected and this leads to perceptions that the Federal Reserve (the US central bank) will likely not stop raising interest rates in June.
He added that the specter of rising interest rates portends a negative reflection on gold.
US President Joe Biden and Kevin McCarthy, the Republican Speaker of the House of Representatives, confirmed on Wednesday their intention to reach an agreement soon to raise the federal government’s debt ceiling of $ 31.4 trillion and avoid a catastrophic default.
Spot gold prices remained unchanged at $1,979.76 an ounce, by 0445 GMT. US gold futures fell 0.1 percent to $1,982.60, according to Reuters data.
The dollar index hovered near a seven-week high in the previous trading session, making gold more expensive for foreign investors.
In terms of other precious metals, the spot silver price fell 0.4 percent to $23.63 an ounce, and the platinum price fell 0.3 percent to $1065.08, while palladium rose 0.1 percent to $1488.21 an ounce. Ended 25
