WASHINGTON (dpa-AFX) - Gold futures settled lower on Monday with investors awaiting updates on U.S. debt ceiling deal negotiations and assessing the outlook for interest rates.
Hawkish comments from a few Fed officials have raised concerns about outlook for interest rates. Federal Reserve Bank of St. Louis President James Bullard said today that he backed two more increases.
Federal Reserve of Minneapolis President Neel Kashkari said if the central bank does pause, it should signal tightening isn't over.
The dollar index, which stayed weak in the European session, advanced to 103.37 in the New York session before paring gains and dropping to 103.25, up just marginally from the previous close.
Gold futures for June ended lower by $4.40 or about 0.2% at $1,977.20 an ounce.
Silver futures for July ended down $0.199 at $23.861 an ounce, while Copper futures for July settled at $3.6850 per pound, down $0.0470 from the previous close.
President Joe Biden and Republican Kevin McCarthy are meeting today to discuss raising the federal government's debt ceiling, just 10 days before the United States could face an unprecedented default.
The Democratic president and the speaker of the Republican-controlled House of Representatives will meet this evening, according to the White House.
If a deal does not happen, then it would trigger a default that would shake financial markets and drive interest rates higher.
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX