2023-05-25 23:33:49
AFP
Gold futures fell at the close of trading Thursday, May 25, as optimism about US debt ceiling talks reduced safe-haven demand, and strong economic data fueled Federal Reserve bets to raise interest rates again.
Upon settlement, gold futures fell by 1.1%, or $20.90, to $1,943.70 an ounce.
Republican House Speaker Kevin McCarthy said negotiators from the White House and Republicans had made some progress in talks on raising the debt ceiling.
Gold continued its losses after revised estimates showed that the gross domestic product of the United States rose at an annual rate of 1.3% in the first quarter of this year, up from about 1.1% estimated during the first reading last month.
Attention turns to the release of the Fed’s preferred inflation measure, the core personal consumption expenditures index, due Friday 26th May.
The dollar rose to its highest levels since mid-March, making gold less attractive to overseas buyers, while US Treasury yields approached their highest levels on March 13.
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