Gold prices are heading, Wednesday, May 31, to end the month of May in decline, as progress in the steps to conclude the US debt ceiling agreement and expectations that the Federal Reserve will raise interest rates supported the dollar’s position and reduced the attractiveness of the precious metal as a safe haven.
A close breakthrough
The legislation agreed upon by US President Joe Biden and House Speaker Kevin McCarthy to raise the debt ceiling of $ 31.4 trillion passed an important obstacle, as it was approved by the House Rules Committee and sent to the full house for consideration and an expected vote on it.
Yellow metal prices
Spot gold prices stabilized at $1959.64 an ounce by 04:56 GMT, and gold has fallen 1.5% so far this month. US futures will not see
Gold had little change to settle at $1959.30.
At the same time, the dollar index stabilized, eliminating the support that gold prices received from the decline in the US Treasury bond yield for 10 years.
other precious metals
As for other precious metals, silver fell in spot transactions by 0.1% to $23.18 an ounce, and platinum also fell 0.1% to $1012.62, while palladium increased 1% to $1414.27. All of these metals are heading for a monthly decline.
