{"id":13819,"date":"2023-05-25T17:39:42","date_gmt":"2023-05-25T21:39:42","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-down-a-third-straight-session-on-dollar-strength-despite-u-s-debt-ceiling-impasse\/"},"modified":"2023-05-25T17:39:42","modified_gmt":"2023-05-25T21:39:42","slug":"gold-down-a-third-straight-session-on-dollar-strength-despite-u-s-debt-ceiling-impasse","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=13819","title":{"rendered":"Gold down a third straight session on dollar strength, despite U.S. debt-ceiling impasse"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002094379\" role=\"document\">\n<p>Gold futures tallied a third consecutive session decline on Wednesday, settling at their lowest in nearly a week as further strength in the U.S. dollar pressured prices for the precious metal. <\/p>\n<p>Gold gave up early gains that had been driven by uncertainty surrounding a U.S. debt-ceiling deal in Congress. <\/p>\n<div class=\"paywall\">\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\">-1.17%<\/bg-quote><\/p>\n<p>        GCM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210036712\/delayed\" class=\"negative\">-1.17%<\/bg-quote><br \/>\n       declined by $9.90, or 0.5%, to settle at $1,964.60 per ounce on Comex. <\/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\">-1.68%<\/bg-quote><\/p>\n<p>        SIN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210317649\/delayed\" class=\"negative\">-1.68%<\/bg-quote><br \/>\n       declined by 38 cents, or 1.6%, to $23.24 per ounce. <\/p>\n<\/li>\n<li>\n      Palladium for June delivery<br \/>\n        PAM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234304205\/delayed\" class=\"positive\">+1.57%<\/bg-quote><br \/>\n       fell by $48.60, or 3.4%, to $1,398.10 per ounce, settling below $1,400 for the first time since March 21, FactSet data show. Platinum for July delivery<br \/>\n        PLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234960229\/delayed\" class=\"negative\">-0.24%<\/bg-quote><br \/>\n       retreated by $28.10, or 2.7%, to $1,029.50 per ounce. <\/p>\n<\/li>\n<li>\n      Copper for July delivery<br \/>\n        HGN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210057830\/delayed\" class=\"positive\">+0.83%<\/bg-quote><br \/>\n       declined by 9 cents, or 2.5%, to $3.56 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>\u201cIt has been an interesting session for gold as debt ceiling angst has yet to trigger safe-haven flows for the precious metal,\u201d Edward Moya, senior market analyst at OANDA, told MarketWatch on Wednesday.\u00a0 <\/p>\n<p>Gold is struggling as the dollar rallies and yields on short-dated Treasurys surge and after more hawkish Federal Reserve comments, he said.\u00a0\u201cIt is starting to look like the Fed might have to do more tightening and that should keep pushing back all those rate cut bets.\u201d\u00a0\u00a0<\/p>\n<p>Gold futures showed little reaction in electronic trading Wednesday afternoon shortly after minutes from the Fed\u2019s May meeting showed that several Fed officials said more rate hikes may not be needed. <\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetPullQuote\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetPullQuote\n            article__inset--inline\n  \"><\/p>\n<div class=\"wsj-article-pullquote article__inset__pullquote \">\n<p class=\"pullquote-content article__inset__pullquote__quote\">\n        <span class=\"l-qt article__inset__pullquote__mark--left\">\u201c<\/span> \u201cIt is starting to look like the Fed might have to do more tightening and that should keep pushing back all those rate cut bets.\u201d\u00a0\u00a0 <span class=\"r-qt article__inset__pullquote__mark--right\">\u201d<\/span>\n      <\/p>\n<p>        <small><br \/>\n          <span class=\"inset-author article__inset__pullquote__author\">\u2014 Edward Moya, OANDA<\/span><br \/>\n        <\/small><\/p><\/div>\n<\/p><\/div>\n<p>In Wednesday dealings, 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\">+0.32%<\/bg-quote><br \/>\n       added nearly 0.4% to 103.88. It trades over 2% higher month to date, putting pressure on dollar-denominated prices of gold.<\/p>\n<p>\u201cIf we are to see continued strength in the dollar and rates resume their move higher, it is hard to imagine gold holding above the uptrend,\u201d analysts at Sevens Report Research wrote in Wednesday\u2019s newsletter.<\/p>\n<p><strong>Also see:<\/strong> Goldman Sachs sees potential for strong commodity performance after largest \u2018de-stocking\u2019 ever witnessed<\/p>\n<p>Gold prices posted gains in five of the last six months with the U.S. dollar posting losses for nearly all of those months. <\/p>\n<p>However, gold has reversed some of these gains over the past two weeks, as investors favored the U.S. dollar as a potential safety play to protect them from any blowback unleashed by the debt-ceiling impasse in Washington. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-slightly-higher-after-streak-of-losses-as-u-s-debt-ceiling-impasse-boosts-demand-d6f408e4?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures tallied a third consecutive session decline on Wednesday, settling at their lowest in nearly a week as further strength in the U.S. dollar pressured prices for the precious metal. Gold gave up early gains that had been driven by uncertainty surrounding a U.S. debt-ceiling deal in Congress. Price action Gold futures for June [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-13819","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold down a third straight session on dollar strength, despite U.S. debt-ceiling impasse | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures tallied a third consecutive session decline on Wednesday, settling at their lowest in nearly a week as further strength in the U.S. dollar\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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