On the morning of May 23rd, New York gold futures closed lower on Monday, continuing to remain below the key level of $2,000. The gold market is closely following the latest developments in negotiations over the US debt ceiling. Edward Moya, senior market analyst at OANDA, said, “Financial markets are currently waiting for the latest progress in negotiations over the US debt ceiling and observing how bad the international tensions will be after the G7 summit. Gold is falling before we see market pressure.”
President Biden and House Speaker Kevin McCarthy will meet on Monday afternoon Eastern Time (Tuesday morning Beijing time) to continue negotiations on the debt ceiling.
McCarthy believes that the current debt ceiling plan under negotiation will be accepted by most Republican congressmen, and the two parties must reach a debt agreement this week to avoid a catastrophic US default that could occur as early as June 1st.
The New York Commodity Exchange’s gold futures for June delivery fell $4.40, or 0.2%, to close at $1,977.20 per ounce.
