{"id":9137,"date":"2023-05-15T20:34:35","date_gmt":"2023-05-16T00:34:35","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/gold-futures-end-higher-with-focus-on-debt-ceiling-talks\/"},"modified":"2023-05-15T20:34:35","modified_gmt":"2023-05-16T00:34:35","slug":"gold-futures-end-higher-with-focus-on-debt-ceiling-talks","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9137","title":{"rendered":"Gold futures end higher with focus on debt-ceiling talks"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002053560\" role=\"document\">\n<p>Gold prices finished higher on Monday as investors looked to debt-ceiling talks this week that may or may not yield a resolution. <\/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\">-0.17%<\/bg-quote><\/p>\n<p>        GCM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210036712\/delayed\" class=\"negative\">-0.17%<\/bg-quote><br \/>\n       climbed by $2.90, or 0.1%, to settle at $2,022.70 an ounce on Comex, after trading between a high of $2,027.50 and low of $2,011.20, FactSet data show. <\/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\">-0.23%<\/bg-quote><\/p>\n<p>        SIN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210317649\/delayed\" class=\"negative\">-0.23%<\/bg-quote><br \/>\n       climbed by 14 cents, or 0.6%, to $24.29 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=\"negative\">-0.28%<\/bg-quote><br \/>\n       gained $16.50, or 1.1%, to $1,530.30 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\">-0.38%<\/bg-quote><br \/>\n       added $7.70, or 0.7%, to $1,074.70 per ounce. <\/p>\n<\/li>\n<li>\n      July copper<br \/>\n        HGN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210057830\/delayed\" class=\"negative\">-0.27%<\/bg-quote><br \/>\n       gained 2 cents, or 0.6%, to $3.75 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>\u201cFocus this week is on the U.S. debt-limit extension talks between the White House and Congress,\u201d said Jim Wyckoff, senior analyst at Kitco.com. <\/p>\n<div class=\"paywall\">\n<p>A second round of debt-ceiling talks between the White House and congressional leaders appeared set for Tuesday, President Joe Biden said Sunday.<\/p>\n<p>\u201cI remain optimistic because I\u2019m a congenital optimist,\u201d\u00a0Biden told reporters Sunday\u00a0in Rehoboth Beach, Del. \u201cBut I really think there\u2019s a desire on their part as well as ours to reach an agreement. I think we\u2019ll be able to do it.\u201d<\/p>\n<p>House Speaker Kevin McCarthy, R-Calif., on Monday, however, said the White House and congressional Republicans remained \u201cfar apart.\u201d<\/p>\n<p>Against that backdrop, the dollar index<br \/>\n        DXY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598269\/delayed\" class=\"negative\">-0.01%<\/bg-quote><br \/>\n       was off by 0.3% at 102.41 in Monday dealings, providing support for dollar-denominated gold prices.<\/p>\n<p>\u201cThe prospect of the world\u2019s largest economy defaulting is keeping demand for gold and its safe-haven appeal very healthy,\u201d said Rupert Rowling, market analyst at Kinesis Money, in a daily note.\u201d Add in a Federal Reserve that looks to have come to the end of its hiking cycle and the medium-term outlook for gold looks supportive.\u201d<\/p>\n<p>Gold futures remain higher for the month and year so far.<\/p>\n<p><strong>Also read:<\/strong> Zimbabwe is launching gold-backed digital tokens: What you need to know <\/p>\n<p>Overall, the precious metal remains supported by U.S. debt ceiling jitters and regional banking concerns, which are fueling gold\u2019s safe-haven appeal, said Fiona Cincotta, senior financial markets analyst at City Index.<\/p>\n<p>She also pointed to a line up of Federal Reserve officials set to speak this week, including Richmond Fed President Tom Barkin on Tuesday. <\/p>\n<p>\u201cInvestors will be listening carefully for clues over whether the Fed will likely raise interest rates again in June or press the pause button on monetary policy tightening,\u201d said Cincotta.<\/p>\n<p>On Monday, Atlanta Federal Reserve Bank President Raphael Bostic said that he would like to see the central bank pause its steady rate hikes in order to gauge the health of the economy.<\/p>\n<p>Rowling, meanwhile, said investors are also \u201cclosely monitoring\u201d developments in Turkey, where it looks as the presidential election is set to go to a runoff. <\/p>\n<p>\u201cTurkey has been one of the largest buyers of gold in recent years and with the country\u2019s currency taking a battering this year, the latest uncertainty may spur even more demand,\u201d he said.\u00a0<\/p>\n<p>\u201cWith so many questions unanswered and market confidence still very fragile, the current macroeconomic conditions are perfect for gold to thrive in and should keep the price in this elevated territory for a good while yet,\u201d Rowling said.<\/p>\n<p><strong>See:<\/strong> Turkey\u2019s runoff presidential election further complicates the restart of a key oil pipeline<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-adds-to-last-weeks-losses-as-traders-hope-for-debt-ceiling-resolution-ea99280b?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices finished higher on Monday as investors looked to debt-ceiling talks this week that may or may not yield a resolution. Price action Gold futures for June delivery GC00, -0.17% GCM23, -0.17% climbed by $2.90, or 0.1%, to settle at $2,022.70 an ounce on Comex, after trading between a high of $2,027.50 and low [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-9137","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 futures end higher with focus on debt-ceiling talks | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold prices finished higher on Monday as investors looked to debt-ceiling talks this week that may or may not yield a resolution. 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