Gold prices were set for their first monthly drop in three on Wednesday, as progress on the U.S. debt ceiling deal and expectations that the Federal Reserve will likely raise interest rates further bolstered the dollar.
Legislation brokered by U.S. President Joe Biden and House Speaker Kevin McCarthy to raise the $31.4 trillionand achieve new federal spending cuts passed an important hurdle, advancing to the full House of Representatives for debate and an expected vote on passage on Wednesday.
An overnight decline in Treasury yields has allowed gold prices to defend a support confluence zone at the $1,940 level for now, said Yeap Jun Rong, a market analyst at IG. Gold prices have come off their recent near-record highs reached early in May, in part pressured by expectation that the U.S. central bank was more likely to hike rates next month than leave them unchanged.
A break of the $1,930 level may extend weakness but is unlikely to move past $1,800 in the immediate run, he added.shrank faster than expected in May, heaping pressure on policymakers to shore up a patchy economic recovery.
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