Gold prices fell on Friday, May 12, as the dollar rose, but continued economic concerns and the confrontation over the US debt ceiling curbed the yellow metal’s losses.
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And by 03:01 GMT, spot gold fell 0.3% to $2010.29 an ounce, down 0.3% during the week. US gold futures fell 0.3% to $2,015.00, according to CNBC.
US unemployment claims
Gold rose yesterday, Thursday, after data showed a jump in weekly jobless claims in the United States and an annual increase in producer prices last month at the lowest pace in more than two years, but the yellow metal lost its luster with the rise of the dollar, which makes gold more expensive for buyers abroad.
-Meanwhile, a White House spokesman said that a meeting scheduled for today on the debt ceiling between President Joe Biden and senior lawmakers had been postponed, and the two sides agreed to meet next week.
-Gold tends to gain during times of economic or financial uncertainty as a safe haven, while low interest rates also increase demand for non-yielding assets.
The markets are now factoring in a 92.8% chance that the US Federal Council will keep interest rates at their current level in June.
other precious metals
As for other precious metals, silver fell in spot transactions by 0.8%, to $23.98 an ounce. Platinum fell 1% to $1,083.24, and palladium rose 0.5% to $1,558.50.
