Gold prices stabilized Thursday, June 1, supported by the dollar's decline, and remained locked in a narrow range, as investors evaluated expectations related to the upcoming US Federal Reserve interest rate moves after a decisive vote on the debt ceiling agreement in the United States.
Gold prices settled in spot transactions at $ 1963.49 an ounce by 04:46 GMT. US gold futures settled at $1963.10. Bullion prices fell on a monthly basis in May.
Markets are watching interest rates move
Investors reacted muted to the US Federal Reserve's approval of a bill allowing for a suspension of the government's borrowing cap and averting default, and market focus has now shifted to the Senate, which will vote on the bill, as well as to interest rate expectations.
Brian Lan of Gold Silver Central, a gold trading company in Singapore, said that gold prices may rise to a level close to $ 1980 in the near term, but it will not witness a significant upward movement because the markets are still speculating that the US Federal Reserve will raise interest rates by greater rates.
In terms of other precious metals, spot silver prices rose 0.2% to $23.52 an ounce, platinum rose 0.5% to $998.33, and palladium jumped 1.1% to $1376.41.
