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Gold prices traded lower on Monday, though seesawed between losses and gains for part of the session, as investors looked to debt-ceiling talks this week that may or may not yield a resolution.
Price action
-
Gold futures for June delivery
GC00,
+0.14% GCM23,
+0.14%
declined by $1.30, or nearly 0.1%, to $2,018.50 per ounce on Comex trading between a high of $2,027.50 and low of $2,011.20, FactSet data show. -
Silver futures for July delivery
SI00,
+0.48% SIN23,
+0.48%
climbed by 2.1 cents, or 0.1%, to $24.175 per ounce. -
Palladium futures for June
PAM23,
+1.57%
gained $12.20, or 0.8%, to $1,526 per ounce, while platinum futures for July delivery
PLN23,
+0.53%
added $1.80, or 0.2%, to $1,068.80 per ounce. -
Copper futures for July delivery
HGN23,
+0.38%
gained 1.9 cents, or 0.5%, to $3.747 per pound.
Market drivers
“Focus this week is on the U.S. debt-limit extension talks between the White House and Congress,” said Jim Wyckoff, senior analyst at Kitco.com.
A second round of debt-ceiling talks between the White House and congressional leaders appeared set for Tuesday, President Joe Biden said Sunday.
“I remain optimistic because I’m a congenital optimist,” Biden told reporters Sunday in Rehoboth Beach, Del. “But I really think there’s a desire on their part as well as ours to reach an agreement. I think we’ll be able to do it.”
Against that backdrop, the dollar index
DXY,
was off by 0.2% at 102.52 in recent trade, helping to limit any losses for dollar-denominated gold prices.
“The prospect of the world’s largest economy defaulting is keeping demand for gold and its safe-haven appeal very healthy,” said Rupert Rowling, market analyst at Kinesis Money, in a daily note.” Add in a Federal Reserve that looks to have come to the end of its hiking cycle and the medium-term outlook for gold looks supportive.”
Gold futures remain higher for the month and year so far.
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