Mubasher: Gold prices closed trading today, Friday, in decline, following the rise of the dollar to its highest level in a month and with the evaluation of economic data.
Upon settlement, futures contracts for the yellow metal for June delivery fell slightly by 0.03 percent, or seventy cents, to reach $2019.8 an ounce, after reaching $2005.70 during the session, recording a weekly loss of 0.2 percent, after two weeks of gains, according to the Middle East News Agency. .
While the dollar index, which measures the performance of the US currency against a basket of six major currencies, rose 0.6 percent, at 102.67 points.-
RBC Capital Markets said that the escalation of concerns about the US debt ceiling crisis would benefit gold, as investors prepare to face potential chaos in the financial markets, according to Bloomberg.-
Hopes of reaching an agreement to avert a US default for the first time ever receded after President Joe Biden and House Speaker Kevin McCarthy postponed a meeting scheduled for Friday aimed at breaking the deadlock.
Christopher Looney, a strategist at RBC Capital Markets, said that the difficult negotiations pave the way for a short-term rise in gold, which is trading near its highest levels ever.