Gold prices fell today, on Monday, against the backdrop of the stability of the dollar, but prolonged discussions about raising the US national debt ceiling and statements by the chairman of the Federal Reserve System (US Central Bank) Jerome Powell to slow down the pace of interest rate hikes limited further losses of the yellow metal.
By 0611 GMT, spot gold was down 0.2% to $1971.79 an ounce, while US gold futures were down 0.3% to $1975.00 an ounce.
The dollar index rose by 0.1%, which made gold more expensive for overseas buyers.
U.S. President Joe Biden and Republican House Speaker Kevin McCarthy will meet today, Monday, to discuss raising the debt ceiling, with all eyes on the meeting to see if a solution to this crisis can be found after talks break off on Friday.
Gold prices rose 1% on Friday after the head of the Federal Reserve said it was not yet clear whether further interest rate hikes were needed amid uncertainty related to the impact of both previous hikes and the latest banking crisis with the fact that inflation has shown that it is difficult to control.
Non-revenue bullion becomes less attractive in a market with higher interest rates.
According to Reuters analyst Wang Tao, gold could top $1985, climb to a range between $1992 and $2003 before retreating.
In other precious metals, spot silver shed 0.9% to $23.62 an ounce, platinum shed 0.4% to $1,058.62 and palladium shed 0.5% to $1,505.56. .
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