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Friday, March 31, 2023

Gold Prices Hold Gains as Dollar Eases From Highs

Gold Prices Hold Gains as Dollar Eases From Highs© Reuters.

Investing.com – Gold prices traded higher after the dollar fell from session highs as traders awaited an approval of a budget deal Thursday to avert a government shutdown.

for February delivery on the Comex division of the New York Mercantile Exchange rose by $5.20, or 0.40%, to $1,319 a troy ounce.

Senator Rand Paul was holding up the Senate’s vote on a massive budget deal, CNBC reported Thursday.

The vote comes amid opposition from both sides of the political isle amid concerns that the budget deal does nothing for young immigrants. The budget deal would have to be passed before midnight to avoid a government shutdown.

Also pressuring gold were comments by San Francisco Fed President John Williams, who said the central bank would adopt “steady, gradual” approach to rate increases.

Gold is sensitive to moves higher in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.

In other precious metal trade, rose 0.63% to $16.34 a troy ounce, while fell 0.69% to $974.70.

fell 0.63% to $3.07, while fell 0.26% to $2.70.

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Source: Investing.com

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