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Gold edges higher as traders eye US debt ceiling, Fed minutes

Spot gold was up 0.3% to $1,981.46 per ounce by 1215 GMT, while U.S. gold futures gained 0.5% to $1,984.30.

May 24, 2023 / 18:03 IST
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Gold

Gold edged up on Wednesday as the looming debt ceiling deadline prompted some safe-haven flows, while traders waited to scrutinise minutes of the Federal Reserve's recent policy meeting for guidance on U.S. interest rates.

Spot gold was up 0.3% to $1,981.46 per ounce by 1215 GMT, while U.S. gold futures gained 0.5% to $1,984.30.

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Representatives of U.S. President Joe Biden and congressional Republicans ended another round of talks to raise the debt-ceiling without a resolution on Tuesday.

While a strengthening dollar is weighing on gold prices, some safe haven buying is keeping the metal close to $2,000/oz, said Edward Gardner, commodities economist at Capital Economics.