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Gold prices moved slightly on Thursday after a rally in the dollar and increased optimism about talks to raise the US debt ceiling dampened the yellow metal’s safe-haven appeal.
The spot gold price remained unchanged at $1,979.76 an ounce by 0445 GMT. US gold futures fell 0.1 percent to $1,982.60.
The dollar index hovered near a seven-week high in the previous trading session, making gold more expensive for foreign investors.
He added that many macroeconomic numbers in the US came out stronger than expected and this leads to perceptions that the Federal Reserve will likely not stop raising interest rates in June.
He added that the specter of rising interest rates portends a negative reflection on gold.
US President Joe Biden and Republican House Speaker Kevin McCarthy confirmed on Wednesday their intention to reach a deal soon to raise the federal government’s debt ceiling of $31.4 trillion and avert a catastrophic default.
In terms of other precious metals, the spot silver price fell 0.4 percent to $23.63 an ounce, and the platinum price fell 0.3 percent to $1065.08, while palladium rose 0.1 percent to $1488.21.
