{"id":9731,"date":"2023-05-17T01:11:07","date_gmt":"2023-05-17T05:11:07","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/gold-pressured-by-debt-ceiling-uncertainty-copper-slumps-amid-china-woes\/"},"modified":"2023-05-17T01:11:08","modified_gmt":"2023-05-17T05:11:08","slug":"gold-pressured-by-debt-ceiling-uncertainty-copper-slumps-amid-china-woes","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9731","title":{"rendered":"Gold pressured by debt ceiling uncertainty, copper slumps amid China woes"},"content":{"rendered":"
\n

Investing.com– Gold prices traded below key levels on Wednesday as uncertainty over the U.S. debt ceiling sparked a rebound in the dollar and Treasury yields, while copper prices hit over five-month lows on more weak economic signals from China.\u00a0<\/p>\n

Gold also saw a measure of profit taking over the past few sessions, after it surged to record highs earlier this month. But recent losses saw bullion lose the closely-watched $2,000 an ounce support level.\u00a0<\/p>\n

A rebound in the and weighed on the yellow metal, as negotiations continued over raising the U.S. debt ceiling ahead of a June 1 deadline.\u00a0\u00a0<\/p>\n

Policymakers are expected to continue discussions over the matter this week, although both Democrat and Republican lawmakers have expressed optimism over avoiding a first ever U.S. default.\u00a0<\/p>\n

rose 0.1% to $1,991.76 an ounce, while rose slightly to $1,995.85 an ounce by 20:25 ET (00:25 GMT). Both instruments sank nearly 1.5% each on Tuesday.<\/p>\n

Gold also came under pressure from renewed fears of a hawkish Federal Reserve, after a slew of policymakers warned this week that inflation still remained too high, which in turn could elicit more interest rate raises by the central bank.<\/p>\n

is now set to speak on Friday and offer more cues on monetary policy.<\/p>\n

With U.S. interest rates likely to stay higher for longer, gold may face increased pressure in the near-term as the opportunity cost of holding non-yielding assets increases.<\/p>\n

Still, the metal is also expected to remain relatively underpinned by increased safe haven demand, amid growing fears of a U.S. recession this year.<\/p>\n

Data released on Tuesday offered a mixed picture of the U.S. economy. While improved marginally in April, fared worse than expected, with consumer spending remaining under pressure from high inflation and interest rates.<\/p>\n

Other precious metals were also steady on Wednesday, with and futures rising about 0.1% each.<\/p>\n

On the other hand, industrial metals logged steep losses this week following softer-than-expected economic readings from major consumer China.<\/p>\n

fell 0.1% to a 5-\u00bd month low of $3.6557 a pound, as data showed that both Chinese and grew less than expected in April.<\/p>\n

The readings brewed increased concerns over a slowing economic rebound in China, which could result in weaker commodity demand this year.\u00a0<\/p>\n<\/div>\n

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

Investing.com– Gold prices traded below key levels on Wednesday as uncertainty over the U.S. debt ceiling sparked a rebound in the dollar and Treasury yields, while copper prices hit over five-month lows on more weak economic signals from China.\u00a0 Gold also saw a measure of profit taking over the past few sessions, after it surged […]<\/p>\n","protected":false},"author":1,"featured_media":2969,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-9731","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nGold pressured by debt ceiling uncertainty, copper slumps amid China woes | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com-- Gold prices traded below key levels on Wednesday as uncertainty over the U.S. debt ceiling sparked a 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