{"id":9620,"date":"2023-05-16T17:59:15","date_gmt":"2023-05-16T21:59:15","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/gold-settles-below-2000-first-time-since-may-1\/"},"modified":"2023-05-16T17:59:16","modified_gmt":"2023-05-16T21:59:16","slug":"gold-settles-below-2000-first-time-since-may-1","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9620","title":{"rendered":"Gold settles below $2,000 first time since May 1"},"content":{"rendered":"
\n

Investing.com — It\u2019s not just risk assets that are getting clobbered amid the U.S. debt crisis.<\/p>\n

Gold, supposedly a hedge against economic and political troubles, settled below $2,000 the first time since the beginning of May and after its rally to record highs, as investors fled instead to the relative safety of the dollar and U.S. Treasuries on mixed U.S. economic data that showed and the holding up.<\/p>\n

on New York\u2019s Comex settled at $1,993 an ounce, down $29.70, or 1.5%, on the day, after a session low at $1,989.25 . It was the first close beneath the $2,000 perch for the benchmark gold futures since May 1. The June gold contract hit an all-time high of $2,085.40 on May 4.<\/p>\n

The , which reflects physical trades in bullion and is more closely followed than futures by some traders, was at $1,987.62 by 13:40 ET (17:40 GMT), ten minutes after the settlement of futures trading. That was down $28.84, or 1.4%, on the day for the spot contract, which hit a session low of $1,985.59 earlier. On May 4, spot gold hit a record high of $2,073.29, according to Investing.com data.<\/p>\n

Gold\u2019s swoon came as the steadied above 102 and the yield on the hit a two-week high of 3.572%.<\/p>\n

While a breakthrough hasn\u2019t happened yet in Washington\u2019s debt-ceiling standoff, there is increasing chatter about what could go into a bipartisan deal that ends the stalemate and avoids a market-shaking default. A second round of debt-ceiling talks between the White House and the top four U.S. lawmakers was scheduled at 15:00 ET.<\/p>\n

\u201cGold is lower as Wall Street awaits a meaningful update with debt ceiling talks,\u201d said Ed Moya, analyst at online trading platform OANDA. He also noted that the yellow metal \u201cdid not get any favors from an April rebound in consumer spending.\u201d<\/p>\n

Moya said Wall Street is \u201cbracing for something bad to happen\u201d.<\/p>\n

\u201cBut no one has an idea on what will be that catalyst,\u201d he said. \u201c It could be a debt ceiling impasse, persistent banking fears, or a much weaker consumer as sticky inflation becomes more noticeable.\u201d<\/p>\n

\u201cThe soft landing hopes [for the U.S. economy] are still hanging onto a thread and that is keeping some investors from going aggressive into safe havens. Too many risks remain on the table for investors to go offensive. Risk aversion could get a boost from regional banking fears, debt ceiling drama, and a weakening consumer, but it will likely come from a new catalyst.\u201d<\/p>\n

More importantly, a study of Tuesday\u2019s trading charts and the tumble to below $2,000 an ounce didn\u2019t suggest that the upside that took gold to record highs was over, said Sunil Kumar Dixit, chief technical strategist at SKCharting.com.<\/p>\n

\u201cI don’t see any major violation of the primary uptrend so long as the metal stays above $1,975 on a weekly closing basis,\u201d said Dixit.<\/p>\n

The correction was more as \u201cmomentum distribution,\u201d with the $2018-$2,080 level becoming a resistance now for gold, which sits below the Daily Middle Bollinger Band of $2,008, he said.<\/p>\n<\/div>\n

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

Investing.com — It\u2019s not just risk assets that are getting clobbered amid the U.S. debt crisis. Gold, supposedly a hedge against economic and political troubles, settled below $2,000 the first time since the beginning of May and after its rally to record highs, as investors fled instead to the relative safety of the dollar and […]<\/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-9620","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nGold settles below $2,000 first time since May 1 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- It\u2019s not just risk assets that are getting clobbered amid the U.S. debt crisis. Gold, supposedly a hedge against economic and political\" \/>\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=9620\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold settles below $2,000 first time since May 1 | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Investing.com -- It\u2019s not just risk assets that are getting clobbered amid the U.S. debt crisis. Gold, supposedly a hedge against economic and political\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=9620\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-16T21:59:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-16T21:59:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/LYNXMPEE5R1AR-ORUBS_L.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"728\" \/>\n\t<meta property=\"og:image:height\" content=\"485\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=9620#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=9620\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Gold settles below $2,000 first time since May 1\",\"datePublished\":\"2023-05-16T21:59:15+00:00\",\"dateModified\":\"2023-05-16T21:59:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=9620\"},\"wordCount\":509,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Commodities\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=9620#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=9620\",\"url\":\"https:\/\/ifintechworld.com\/?p=9620\",\"name\":\"Gold settles below $2,000 first time since May 1 | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-05-16T21:59:15+00:00\",\"dateModified\":\"2023-05-16T21:59:16+00:00\",\"description\":\"Investing.com -- It\u2019s not just risk assets that are getting clobbered amid the U.S. debt crisis. Gold, supposedly a hedge against economic and political\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=9620#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=9620\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=9620#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Gold settles below $2,000 first time since May 1\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Gold settles below $2,000 first time since May 1 | iFintechWorld","description":"Investing.com -- It\u2019s not just risk assets that are getting clobbered amid the U.S. debt crisis. Gold, supposedly a hedge against economic and political","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=9620","og_locale":"en_US","og_type":"article","og_title":"Gold settles below $2,000 first time since May 1 | iFintechWorld","og_description":"Investing.com -- It\u2019s not just risk assets that are getting clobbered amid the U.S. debt crisis. Gold, supposedly a hedge against economic and political","og_url":"https:\/\/ifintechworld.com\/?p=9620","og_site_name":"iFintechWorld","article_published_time":"2023-05-16T21:59:15+00:00","article_modified_time":"2023-05-16T21:59:16+00:00","og_image":[{"width":728,"height":485,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/LYNXMPEE5R1AR-ORUBS_L.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=9620#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=9620"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Gold settles below $2,000 first time since May 1","datePublished":"2023-05-16T21:59:15+00:00","dateModified":"2023-05-16T21:59:16+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=9620"},"wordCount":509,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Commodities"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=9620#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=9620","url":"https:\/\/ifintechworld.com\/?p=9620","name":"Gold settles below $2,000 first time since May 1 | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-05-16T21:59:15+00:00","dateModified":"2023-05-16T21:59:16+00:00","description":"Investing.com -- It\u2019s not just risk assets that are getting clobbered amid the U.S. debt crisis. Gold, supposedly a hedge against economic and political","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=9620#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=9620"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=9620#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Gold settles below $2,000 first time since May 1"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/9620","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9620"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/9620\/revisions"}],"predecessor-version":[{"id":9621,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/9620\/revisions\/9621"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/3495"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}