Gold Trapped in a Narrow Range Amid Anticipation of U.S. Debt Ceiling Talks

Gold prices moved in a narrow range on Thursday, as investors awaited further developments in the U.S. debt ceiling negotiations, while a rise in the dollar restrained prices. By 03:00 GMT, gold was stable in spot transactions at $1,957.49 per ounce. U.S. gold futures fell 0.3% to $1,958.60. The dollar index remained close to its highest level recorded in the previous session, which limited gold prices. The yellow metal was attempting to recover from previous sell-offs, but the rising dollar and U.S. Treasury yields continued to cap upward price movement, which seems to outweigh the impact of safe-haven demand amid the U.S. debt ceiling crisis, according to IG market analyst Yeap Jun Rong. Investors are awaiting U.S. GDP estimates and unemployment claims set to be released at 12:30 GMT, seeking indicators regarding the strength of the economy. For other precious metals, spot silver fell 0.3% to $23.02 per ounce, palladium decreased 0.1% to $1,413.64, while platinum remained stable at $1,023.19.