{"id":10697,"date":"2023-05-18T22:37:42","date_gmt":"2023-05-19T02:37:42","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/gold-prices-at-lowest-since-march-as-dollar-rises-and-u-s-debt-ceiling-deal-looks-doable\/"},"modified":"2023-05-18T22:37:42","modified_gmt":"2023-05-19T02:37:42","slug":"gold-prices-at-lowest-since-march-as-dollar-rises-and-u-s-debt-ceiling-deal-looks-doable","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10697","title":{"rendered":"Gold prices at lowest since March as dollar rises and U.S. debt-ceiling deal looks \u2018doable\u2019"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002070619\" role=\"document\">\n<p>Gold futures settled at their lowest level since late March on Thursday, pressured by a stronger U.S. dollar and hopes for a deal to raise the U.S. debt ceiling by Congress. <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for June delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"negative\">-0.05%<\/bg-quote><\/p>\n<p>        GCM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210036712\/delayed\" class=\"negative\">-0.05%<\/bg-quote><br \/>\n       declined by $25.10, or 1.3%, to settle at $1,959.80 per ounce on Comex, the lowest since March 27. Prices for the most-active contract were 3% lower week to date, poised for the largest weekly decline since the week ended Oct. 14, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      July silver<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"negative\">-0.01%<\/bg-quote><\/p>\n<p>        SIN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210317649\/delayed\" class=\"negative\">-0.01%<\/bg-quote><br \/>\n       declined by 26 cents, or 1.1%, to $23.63 per ounce. <\/p>\n<\/li>\n<li>\n      June palladium<br \/>\n        PAM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234304205\/delayed\" class=\"positive\">+0.99%<\/bg-quote><br \/>\n       shed $34.70, or 2.3%, to $1,450.20 per ounce, while July platinum<br \/>\n        PLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234960229\/delayed\" class=\"negative\">-0.19%<\/bg-quote><br \/>\n       declined by $24.40, or nearly 2.3%, to $1,058.20 per ounce.<\/p>\n<\/li>\n<li>\n      Copper for July<br \/>\n        HGN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210057830\/delayed\" class=\"negative\">-0.03%<\/bg-quote><br \/>\n       delivery fell by 6 cents, or 1.7%, to $3.69 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Gold futures declined for a third straight session and were on track to notch their biggest weekly percentage drop since October as prices continued to pullback from their May 4 Comex settlement, which was the second highest on record.<\/p>\n<div class=\"paywall\">\n<p>Both gold and silver are seeing their momentum fade as the U.S. dollar continues to climb, extending a recent rebound that had carried the ICE U.S. Dollar Index<br \/>\n        DXY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598269\/delayed\" class=\"positive\">+0.01%<\/bg-quote><span>,<\/span><br \/>\n       to its highest level in about two months. In Thursday dealings, the index was up 0.7% at 103.60.<\/p>\n<p>\u201cThat\u2019s a significantly bearish outside-market development for the metals markets,\u201d said Jim Wyckoff, senior analyst at Kitco.com. \u201cRising U.S. Treasury yields this week are also a negative for the precious metals.\u201d<\/p>\n<p>The yield on the 10-year Treasury<br \/>\n        TMUBMUSD10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">3.645%<\/bg-quote><br \/>\n       rose 6.5 basis points to 3.638%.<\/p>\n<p><strong>Read<\/strong> Brett Arends\u2019s ROI: Americans hate the stock market<\/p>\n<p>Meanwhile, Speaker of the House Kevin McCarthy said a debt-ceiling deal might be \u201cdoable\u201d by Sunday. However, market experts cautioned that reaching a deal is merely the first step in what could be a fraught process. <\/p>\n<p>\u201cReaching an agreement is just one step \u2014 remember that it has to pass through Congress as well,\u201d said Bipan Rai, head of currency strategy at CIBC Capital Markets. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-on-track-for-worst-week-since-february-as-dollar-rises-and-u-s-debt-ceiling-deal-looks-doable-b63744bf?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures settled at their lowest level since late March on Thursday, pressured by a stronger U.S. dollar and hopes for a deal to raise the U.S. debt ceiling by Congress. Price action Gold futures for June delivery GC00, -0.05% GCM23, -0.05% declined by $25.10, or 1.3%, to settle at $1,959.80 per ounce on Comex, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-10697","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold prices at lowest since March as dollar rises and U.S. debt-ceiling deal looks \u2018doable\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures settled at their lowest level since late March on Thursday, pressured by a stronger U.S. dollar and hopes for a deal to raise the U.S. debt\" 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