Gold prices moved slightly in early trading Thursday, after the dollar's rise and increased optimism about talks to raise the US debt ceiling weakened the yellow metal's attractiveness as a safe haven.
Edward Meer, a metals analyst at Marks Financial Services, said that gold may remain in a range ranging from 1965 to 2020 dollars during the next two weeks, but the general trend remains somewhat weak, as the growing optimism towards the debt ceiling crisis is also likely to lead to Increased stress on the alloy.
He added that many of the macroeconomic numbers in the US came out stronger than expected and this leads to perceptions that the Federal Reserve (the US central bank) will likely not stop raising interest rates in June.
He added that the specter of rising interest rates portends a negative reflection on gold.
