{"id":3494,"date":"2023-05-03T03:51:19","date_gmt":"2023-05-03T07:51:19","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/gold-back-above-2000-on-talk-of-potential-u-s-debt-default-fed-pause\/"},"modified":"2023-05-03T03:51:19","modified_gmt":"2023-05-03T07:51:19","slug":"gold-back-above-2000-on-talk-of-potential-u-s-debt-default-fed-pause","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=3494","title":{"rendered":"Gold back above $2,000 on talk of potential U.S. debt default, Fed pause"},"content":{"rendered":"
\n

Investing.com — Gold returned to above $2,000 an ounce on Tuesday as talk about a potential U.S. debt default gathered pace amid head-butting between Republican lawmakers and the Biden administration on how much to raise the congressional limit by to pay for America\u2019s obligations.<\/p>\n

With almost four weeks left until a potential June 1 default on payments, there seems enough time for the two sides to work out something. Yet, with markets being markets, and gold being a safe haven among other things, the tendency for traders was to capitalize on the news \u2014 driving the yellow metal higher while sending prices of most risk assets like and skidding.<\/p>\n

\u201cSell in May is here as banking weakness returns, [data] provide job cooling evidence, debt ceiling countdown begins, oil [is] crushed, gold surges [and] [is] higher on banking jitters,\u201d wrote Ed Moya, analyst at online trading platform OANDA, in his daily commentary.<\/p>\n

on New York\u2019s Comex settled up $31.10, or 1.6%, at $2,023.30. It was the largest one-day percentage gain for Comex gold since April 4, when it finished up 1.9%,<\/p>\n

The , which reflects physical trades in bullion and is more closely followed than futures by some traders, was up $33.51, or 1.7%, to $2,016.13 by 15:20 ET (19:20 GMT).<\/p>\n

If gold retains its current upward trend, the spot price could re-attempt its April highs of around $2,050 and above, said Sunil Kumar Dixit, chief technical strategist at SKCharting.com.<\/p>\n

\u201cNow that gold has shown strong rebound from the horizontal support base formed at $1,975 areas and has consolidated above the $1,991-$1998 zone, there could be enough fuel for it to decisively clear through the $2,010 resistance,\u201d said Dixit.<\/p>\n

\u201cWe have seen gold reclaiming its recent high of $2,015 and going forward and this paves the way for a retesting of the swing high of $2,048 and the next challenge at $2,055.\u201d<\/p>\n

Gold is also gaining ground on talk that the Federal Reserve will likely pause on its more than one year of rate hikes after another quarter-point increase on that will leave U.S. rates at a peak of 5.25% versus inflation trending at 4.0-5.0%.<\/p>\n

\u201cRecession fears are growing and financial stability concerns should give the Fed permission to signal they are ready to pause after delivering one last rate hike,\u201d said Moya of OANDA. \u201cThe debate to not even hike might lead some dissents tomorrow, which is something we have not seen [in a while].\u201d<\/p>\n<\/div>\n

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

Investing.com — Gold returned to above $2,000 an ounce on Tuesday as talk about a potential U.S. debt default gathered pace amid head-butting between Republican lawmakers and the Biden administration on how much to raise the congressional limit by to pay for America\u2019s obligations. With almost four weeks left until a potential June 1 default […]<\/p>\n","protected":false},"author":1,"featured_media":3495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-3494","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nGold back above $2,000 on talk of potential U.S. debt default, Fed pause | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Gold returned to above $2,000 an ounce on Tuesday as talk about a potential U.S. debt default gathered pace amid head-butting between\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=3494\" \/>\n<meta property=\"og:locale\" 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