{"id":15809,"date":"2023-05-30T15:57:25","date_gmt":"2023-05-30T19:57:25","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/gold-at-2-week-high-on-tensions-over-tentative-u-s-debt-deal\/"},"modified":"2023-05-30T15:57:25","modified_gmt":"2023-05-30T19:57:25","slug":"gold-at-2-week-high-on-tensions-over-tentative-u-s-debt-deal","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=15809","title":{"rendered":"Gold at 2-week high on tensions over tentative U.S. debt deal\u00a0\u00a0"},"content":{"rendered":"
\n

Investing.com — Don\u2019t count out the gold bull yet.<\/p>\n

After a persistent slide since mid-May, bullion traded on the spot market and gold futures on New York\u2019s Comex hit two-week highs Tuesday amid fresh tensions over whether the U.S. debt ceiling deal between the White House and rival Republicans will get through Congress.<\/p>\n

\u201cIt won\u2019t take a lot to disrupt this debt deal as optimism remains that Congress won\u2019t mess with putting the economy at risk of an unnecessary catastrophe,\u201d said Ed Moya, analyst at online trading platform OANDA.\u00a0<\/p>\n

But he acknowledged media headlines that quoted a few Republicans in the House of Representatives as opposing the deal cut by Speaker Kevin McCarthy with President Joe Biden, even as the party\u2019s leadership seemed bent on averting a default on U.S. debt\u00a0<\/p>\n

\u201cA complete collapse in confidence that comes with a U.S. default would trigger a de-risking moment that would take down everything including gold,\u201d added Moya.<\/p>\n

on New York\u2019s Comex settled Tuesday\u2019s session at $1,968.10 an ounce, up $14.10, or 0.7%, on the day. The benchmark gold futures hit a two-week high of $1,981.85 earlier. Just in the previous session, it hit a nine-week low of $1,958.10 after hitting an all-time high of $2,085.40 on May 4.\u00a0<\/p>\n

The , which reflects physical trades in bullion and is more closely followed than futures by some traders, was at $1,958.49 by 14:45 ET (18:45 GMT). Spot gold hit a two-week high of $1,963.54 earlier, after a record high of $2,073.29 earlier this month, according to Investing.com data.\u00a0<\/p>\n

\u201cGold shows strong rebound, with a significant rally of more than $30 from support areas,\u201d said Sunil Kumar Dixit, chief technical strategist at SKCharting.com.\u00a0<\/p>\n

\u201cThe support now shifts to $1,945, above which further recovery towards $1,975 is likely to be witnessed during upcoming sessions. However, for gold’s resumption of the uptrend, $1,975 must be established on a day\u2019s closing basis, failing which, bearish correction remains intact.\u201d<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — Don\u2019t count out the gold bull yet. After a persistent slide since mid-May, bullion traded on the spot market and gold futures on New York\u2019s Comex hit two-week highs Tuesday amid fresh tensions over whether the U.S. debt ceiling deal between the White House and rival Republicans will get through Congress. \u201cIt won\u2019t […]<\/p>\n","protected":false},"author":1,"featured_media":3398,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-15809","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nGold at 2-week high on tensions over tentative U.S. debt deal\u00a0\u00a0 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Don\u2019t count out the gold bull yet. 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