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Fluctuations in gold prices, with lingering concerns over US debt

May 12, 2023
1 min read

“Gold has seen some stability here this morning, with some buying after the decline,” said Bob Haberkorn, chief market analyst at (RGO Futures).

However, the yellow metal has retreated again and is poised for a slight weekly decline.

price movements

Spot gold fell 0.18% to $2,012.32 an ounce at 4:44 p.m. GMT.

US gold futures also fell 0.25% to $2015.50.

Gold has closed lower in the past two sessions as the rival safe-haven dollar hit a one-week high, making bullion less attractive to buyers holding other currencies.

US Treasury Secretary Janet Yellen said there was still uncertainty about when the cash needed to pay down public debt would run out, and the date could be June 1.

Gold typically makes gains during times of economic or financial uncertainty.

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Arab Desk

The Eastern Herald’s Arab Desk covers the Middle East and Arab world, including Gaza, Israel-Palestine, Lebanon, Hezbollah, Iran, regional conflicts, diplomacy and political developments shaping the region.

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