The price of gold increased by 7 dollars

According to the International Economic Group of Fars News Agency, quoted by Reuters, while traders are waiting for a detailed review of the outcome of the Federal Reserve’s policy meeting on the US interest rate, the price of gold fluctuated within a limited range today.

Of course, concerns about the US debt ceiling boosted the price of gold.

Each ounce of gold rose by 6 dollars and 88 cents and was sold at 1982.11 dollars.

Representative Joe Biden and congressional Republicans ended another round of talks on raising the government’s debt ceiling on Tuesday without finding a solution.

Edward Gardner, a gold market analyst, said that while the strengthening of the dollar affected the price of gold and reduced it, the increase in buying has brought the price of gold closer to $2,000.

Stock markets fell following the stalemate in debt ceiling talks, helping gold to recoup some of its losses.

Gardner added: If America’s banking problems subside and an agreement on the debt ceiling is reached, the price of gold will decrease and may even reach less than $1,950 as predicted by the Economist by the end of the year.

Gold is trading slightly higher than its lowest price in a month and a half, as several Federal Reserve officials suggested the central bank would stick to its interest rate hike plan.

An increase in interest rates increases the cost of holding gold as an interest-free asset.

“The Fed’s statements have been loud and varied, but it’s clear that the Fed is saying that the cycle of rate hikes is not over, so there’s still a risk of a hike, and it depends on the data that comes out.”

The US Central Bank meeting will be held on May 2nd and 3rd.

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