Gold firms amid concern about US Debt-Limit negotiations ‎

There was little change in gold prices today, Wednesday, in light of investor concerns about the protracted negotiations on raising the US debt ceiling, and the rise in the dollar also contributed to keeping prices under control.

According to “Reuters”, gold prices rose in spot transactions by 0.1 percent, to reach $ 1991.35 an ounce (an ounce) by 0455 GMT.

US gold futures witnessed a slight change, reaching $1,995.20 an ounce.

US President Joe Biden and Republican House Speaker Kevin McCarthy are close to reaching an agreement to avoid an imminent debt default, and economic concerns prompted Biden to shorten a trip to Asia this week.

Bullion fell below the $2,000 mark on Tuesday after US retail sales data and hawkish comments from Federal Reserve officials raised expectations of a delay in interest rate cuts.

Meanwhile, the dollar, a rival safe haven, maintained its strength during the day on Wednesday, making gold less attractive to overseas buyers. Also, high interest rates reduce the attractiveness of bullion that does not yield a return.

CME Group’s Videowatch service indicates that markets expect 82.1 percent that the US central bank will keep interest rates unchanged in June.

As for other precious metals, spot silver rose 0.1 percent to $23.76 an ounce, after hitting a six-week low in the previous session.

Platinum also rose 0.6 percent to $ 1,063.71, and palladium increased 0.3 percent, to $ 1,505.93.