Gold edges higher ---
Thursday, 25 May 2023
Gold edged up on Wednesday as the looming debt ceiling deadline prompted some safe-haven flows, while traders waited to scrutinise minutes of the Federal Reserve's recent policy meeting for guidance on US interest rates, reports Reuters.
Spot gold was up 0.3 per cent to $1,981.46 per ounce by 1215 GMT, while US gold futures gained 0.5 per cent to $1,984.30.
Representatives of US President Joe Biden and congressional Republicans ended another round of talks to raise the debt-ceiling without a resolution on Tuesday.
While a strengthening dollar is weighing on gold prices, some safe haven buying is keeping the metal close to $2,000/oz, said Edward Gardner, commodities economist at Capital Economics.
Stocks lurched lower due to the stand-off in the debt ceiling talks, helping safe-haven assets like gold recoup some of their recent losses.
Spot silver rose 0.2 per cent to $23.48 per ounce. Platinum fell 0.9 per cent to $1,038.95 while palladium dipped nearly 1 per cent to $1,431.50, both near three-week lows.