Gold prices ticked up on Friday but were on course for their biggest weekly drop in 3-1/2 months.
Markets see a positive end to the debt-ceiling talks as recent commentary has been about the progress being made and given that yields and the dollar are all going up at the same time, gold is pulling back, Ilya Spivak, head of global macro at Tastylive said.on the debt ceiling after Biden returns from the Group of Seven meeting in Japan on Sunday.eased slightly on the day, but hovered close to a near two-month high, making gold less affordable for overseas investors.
Two Fed policymakers said U.S. inflation does not look like it is cooling fast enough to allow the central bank toU.S. Fed Chair Jerome Powell is slated to speak at an event later in the day, and traders will scan for policy signals. If Powell pushes back rate-cut expectation and hints at higher for longer rates than the market thinks, that will be "negative for gold again," Spivak added.
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