Optimism in debt talks and hopes of rate hikes push gold and silver to two-month lows

Gold and silver futures fell for a fourth straight session on Thursday, with prices for both metals in late March following strong economic data that sparked clear progress in talks to raise the U.S. debt ceiling and bets on additional interest rates. Since then, the price has settled down. Rate hikes by the Federal Reserve.

Gold fell further after revisions to estimates that U.S. gross domestic product (GDP) rose at an annual rate of 1.3% last quarter, beating the 1.1% pace forecast last month.

“Wall Street seems to be pricing in another Fed rate hike as consumer performance is too strong, but the labor market is slowly weakening and that will change soon,” said Edward Moya, an Oanda market analyst. No,” he said.

May delivery of Comex Gold (XAUUSD:CUR) ended last month -1% May silver (XAGUSD:CUR) ended the previous month with settlement at $1,943.10 an ounce, the lowest since March 21st. -1.4% It fell to $22.786 an ounce, the lowest since March 22.

ETFs: (NYSEARCA:GLD), (GDX), (GDXJ), (IAU), (NUGT), (PHYS), (GLDM), (AAAU), (SGOL), (BAR), (OUNZ), (NYSEARCA: SLV), (PSLV), (SIVR), (SIL), (SILJ), (SLVP)

Yields on the U.S. dollar and benchmark government bonds have risen to their highest levels since mid-March, adding: “If the dollar continues to rise and yields extend their recent rally, [gold’s] 2023 uptrend likely to break,” Sevens Report Said Thursday.

Three weeks ago, the previous month’s Comex gold contract closed at $2,048 an ounce, the second-highest settlement ever.

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