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Hovering At Three Week Lows In Asia-Pac Trade

GOLD

Gold is hovering close to its lowest level in nearly three weeks at 1982.15 in Asia-Pac trade. The positive sentiment surrounding the resolution of the US debt-ceiling issue increased risk appetite, diminishing gold's appeal as a safe-haven asset. President Joe Biden expressed confidence in reaching an agreement to avert a default, and House Speaker Kevin McCarthy remained hopeful about a deal.

  • The price of bullion has declined by 1.7% in the previous two sessions.
  • Additionally, the strengthening of the US dollar and rising US Treasury yields are further factors weighing on gold, which lacks interest-bearing properties.
  • According to MNI’s technical team, gold trend conditions are bullish, however, the yellow metal remains in a bearish cycle and the recent move lower is corrective. Support to watch is 1976.8, the 50-ema and 1963.3, the April 19 low.
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