Gold prices edged lower Monday as a tentative deal to suspend the U.S. debt ceiling along with jitters around higher-for-longer interest rates dampened demand.
Hurting gold's appeal as a safe-haven asset, U.S. President Joe Biden said on Sunday he had
with House Speaker Kevin McCarthy to suspend the $31.4 trillion debt ceiling until Jan. 1, 2025 and that the deal was ready to move to Congress for a vote.increased more than expected in April and that inflation accelerated. The report raised the chances of a 25-basis-point hike by the U.S. central bank in June to 65.3% and rates staying there for the rest of the year, according to the"The fact the odds of a hike were as low as 17.4% just over a week ago show how expectations for a Fed pause have been abandoned, helping the U.S. dollar rise for a third week and weigh on gold prices," City Index senior market analyst Matt Simpson said.
Gold, which offers no yield of its own, tends to fall out of favor among investors when interest rates rise.Asian shares and U.S. stock futures rose as the deal to suspend the U.S. government's debt ceiling ended a protracted stalemate.
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