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NewsGold Heads For Its Third Straight Weekly Loss

Gold Heads For Its Third Straight Weekly Loss


Clifford Bennett, chief economist at ACY Securities, said expectations of a resolution to the debt ceiling crisis were sweeping the market and further monetary tightening was widely expected from the Reserve. federal government, which could put some pressure on gold.

The dollar fell 0.1% on the day, but remained close to its highest level since March 17. Benchmark Treasury yields are also near the highs seen in March.

Yesterday Thursday, it emerged that US President Joe Biden and House Speaker Kevin McCarthy were close to reaching an agreement to cut spending and raise the government’s debt ceiling to $31.4 trillion, as that they had little time left to spare the country the risk of default. .

The price change

As of 0311 GMT, spot gold rose 0.3% to $1945.39 an ounce, after hitting its lowest level since March 22 at $1936.59. U.S. gold futures rose 0.1% to $1,945.90, according to Reuters data.

But the yellow metal has fallen 1.6% since the start of the week.

In other precious metals, spot silver was up 0.3% at $22.83, platinum was up 0.4% at $1,024.63 and palladium was up 0. 3% to $1,420.40.

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