Gold rises on subdued dollar, US data in spotlight
Gold prices rose on Thursday on a softer dollar, while investors braced for a host of U.S. economic data ahead of a crucial Federal Reserve’s policy meeting next week.
Spot gold rose 0.4% to $1,996.50 per ounce by 0230 GMT, while U.S. gold futures climbed 0.5% to $2,005.20.
Making bullion less expensive for other currencies holders, the dollar index eased 0.1% on the day.
Gold is treading waters right now, as investors keep an eye on U.S. debt ceiling talks, and the Fed meeting next, that could offer some ideas on what to expect for the rest of the year, said Edward Meir, a metals analyst at Marex.
The U.S. House of Representatives on Wednesday narrowly passed a bill to raise the government’s $31.4 trillion debt ceiling.
Meanwhile, First Republic Bank’s market value plunged again on Wednesday as investors waited to see if it would be able to find buyers for assets and engineer a turnaround without government support.
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