Gold still locked in a narrow range amid focus on US debt ‎ceiling talks

Gold prices moved in a narrow range today, Thursday, as investors await further developments in the US debt ceiling negotiations, while the rise in the dollar curbed prices.

By 0300 GMT, gold settled in spot transactions at $1957.49 an ounce. And US gold futures fell 0.3 percent to $1958.60.

According to “Reuters”, the dollar index remained close to the highest level recorded in the previous session, which led to curbing gold prices.

The yellow metal was trying to recover from previous sales, but the rise in the dollar and US Treasury bond yields continue to curb the upward trend in prices, which seems to outweigh the impact of the demand for safe havens in light of the US debt ceiling crisis, said Yip John Rong, a market analyst. VIG.

The negotiators representing Democratic President Joe Biden and Republican House Speaker Kevin McCarthy held what both sides described as productive talks on Wednesday, trying to reach an agreement to raise the $31.4 trillion U.S. debt ceiling and avert a catastrophic default.

Investors are awaiting estimates of US gross domestic product and jobless claims in the United States, which are due to be released at 1230 GMT, seeking indications of the health of the economy.

As for other precious metals, silver fell in spot transactions by 0.3 percent, to $ 23.02 an ounce, and palladium fell 0.1 percent to $ 1413.64, while platinum settled at $ 1023.19.