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

Gold prices moved in a narrow range on Thursday as investors await further developments in the US debt ceiling negotiations, while the dollar’s rise kept prices in check.

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

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 selling, but the dollar’s rise 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 Ip John Rong, market analyst at VI. g.

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 US jobless claims, due at 1230 GMT, for clues about the health of the economy.

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