2023-05-26 04:03:00
© Archyde.com. Gold bars in a photo from the Archyde.com archive.
(Archyde.com) – It rose on Friday, retreating from a two-month high, but was set for a third consecutive weekly loss as traders assessed progress in US debt ceiling negotiations and awaited the Federal Reserve’s next monetary policy move.
And by 0311 GMT, it rose 0.3 percent to $ 1945.39 an ounce, following hitting its lowest level since March 22 at $ 1936.59. US gold futures rose 0.1 percent to $1,945.90.
But the yellow metal has fallen 1.6 percent since the beginning of the week.
Clifford Bennett, chief economist at ACY Securities, 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 might put some pressure on gold.
The dollar fell 0.1% on the day, but remained near its highest level since March 17. Record returns also approached the high levels seen in March.
On Thursday, US President Joe Biden and House Speaker Kevin McCarthy appeared to be closing in on spending cuts and raising the government’s debt ceiling of $31.4 trillion, with little time left to spare the country the risk of default.
As for other precious metals, it rose in spot transactions by 0.3 percent to $22.83, and platinum rose 0.4 percent to $1,024.63, and rose 0.3 percent to $1,420.40.
(Prepared by Doaa Muhammad for the Arabic Bulletin)
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