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US Debt Ceiling Faces Critical Summit, Gold Sees Narrow Range Volatility

by Ivy

During the Asian session on Tuesday (May 16th), spot gold traded within a narrow range, currently around $2015.48 per ounce. Concerns over the risk of US debt default continued to provide safe-haven support for the gold price. However, speeches from several Federal Reserve officials overnight leaned towards a hawkish stance, diminishing the possibility of interest rate cuts within the year, which made the bulls cautious.

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