iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Gold prices remain stable in early trade

24 May 2023 , 09:42 AM

On Wednesday, gold prices remained stable as investors evaluated the likelihood of additional Federal Reserve rate hikes and another round of negotiations to extend the U.S. government’s debt ceiling failed to produce any significant results.

Spot gold remained stable at $1,975.99 per ounce. American gold futures increased by 0.1% to $1,977.10.

The dollar index remained stable, keeping gold prices in check.

According to a video a Fox News producer released on Twitter, U.S. House Speaker Kevin McCarthy stated he does not believe a deal on raising the government’s debt ceiling would get done on Tuesday.

As the deadline to increase the government’s $31.4 trillion borrowing limit or risk default approached, representatives of U.S. President Joe Biden and congressional Republicans called off another round of negotiations on the debt ceiling on Tuesday without reaching an agreement. In as little as nine days, the country might default.

According to new research from a former top economist at the International Monetary Fund and the Federal Reserve, a tight labour market in the United States and rising wages are starting to have a greater impact on inflation and could cause prices to rise more quickly if this trend continues.

On Wednesday, the Federal Reserve’s May meeting’s minutes are due. According to the CME FedWatch tool, markets now predict that the Fed will hold rates next month by a 73.1% margin.

The Reuters Tankan survey revealed that big Japanese manufacturers’ business sentiment changed for the first time this year and that service sector morale reached a five-month high, adding to the signs that the economy is recovering from the COVID-led slowdown.

Spot silver increased by 0.3% to $23.48 an ounce, platinum increased by 0.4% to $1,052.45 and palladium increased by 0.7% to $1,455.33 respectively.

For feedback and suggestions, write to us at editorial@iifl.com

explored-media

Related Tags

  • gold
  • US Debt
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Securities Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.