Easing fears of United States default, hopes of pause in Federal Reserve’s rate hike trajectory underpin XAU/USD demand.
Late on Wednesday, Republican leader Mitch McConnell conveyed expectations of the US debt ceiling bill passing and reaching the Senate on Thursday. The policymaker’s comments become the key for the debt-limit extension as Republicans control the House where the bill is currently discussed. While the receding expectations of the US default underpin the Gold price upside, there are hardline Republicans like Chip Roy and Rand Paul who can delay the much-awaited announcements and can trigger the market’s risk-off mood. The same keeps the Gold buyers on their toes.
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