Gold prices edged higher on Friday after the most-active contract settled at its lowest level in about nine weeks a day earlier.
Expectations that a deal on the U.S. debt-ceiling could be reached in the coming days are helping to support the yellow metal, analysts said, by causing the dollar to soften.Expectations that a deal on the U.S. debt-ceiling could be reached in the coming days are helping to support the yellow metal, analysts said, by causing the dollar to soften.
Price action Market drivers Precious metals analysts are questioning whether gold’s pullback from its multiyear highs reached in early May is a sign of further declines to come, or just a short-lived pause before the yellow metal trudges higher. “Yet while gold is undoubtedly trending downward currently, it is worth remembering that $1,950 an ounce remains a very high level historically for the precious metal and it is still trading well over $100 an ounce higher than where it was at the start of the year,” said Rupert Rowling, a market analyst for Kinesis Money, in emailed commentary.
Gold has lagged behind as the U.S. dollar has moved higher. A stronger dollar makes gold less affordable for buyers using foreign currencies. The ICE U.S. Dollar Index DXY , a gauge of the buck’s value against its main rivals, was off 0.3% at 103.91.
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