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At Six Week Lows, USD & US Tsys Weigh

GOLD

Gold is 0.3% higher at 1963.10 in Asia-Pac trade after the metal extended its decline into a third day to the lowest level in more than six weeks on Thursday as optimism for a US debt-ceiling deal and stronger-than-expected labour market data undercut the haven.

  • President Joe Biden expressed confidence that negotiators would reach an agreement to avoid a default, while House Speaker Kevin McCarthy said he remained hopeful of an accord.
  • US initial jobless claims fell more than forecast last week, underlining the robustness of the labour market despite higher interest rates.
  • Hawkish remarks from the Dallas Fed's Logan, who indicated support for another interest rate hike in June due to sustained high core inflation and wages, pressured US tsy yields.
  • The dollar and US tsy yields extended gains, weighing further on bullion, which dropped as much as 1.3% on Thursday.
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