Gold inches increased after streak of losses as U.S. debt-ceiling deadlock boosts demand

Gold costs recovered a little bit floor on Wednesday because the deadlock over the U.S. debt-ceiling in Washington boosted demand for secure havens following the yellow steel’s worst weekly selloff since February final week.

Value motion

• Gold futures for June supply
  GC00,
  -0.25%

  GCM23,
  -0.25%
  edged up by $1.30, or practically 0.1%, to $1,975.80 per ounce on Comex.

• July silver
  SI00,
  -1.39%

  SIN23,
  -1.39%
  declined by 17.9 cents, or 0.8%, to $23.445 per ounce.

• Palladium for June supply
  PAM23,
  -3.50%
  fell by $30.20, or 2.1%, to $1,416.50 per ounce, whereas platinum for July supply
  PLN23,
  -2.07%
  retreated by $12.10, or 1.1%, to $1,045.50 per ounce.
• Copper for July supply
  HGN23,
  -1.96%
  declined by 5.7 cents, or 1.6%, to $3.5975 per pound.

Market drivers

Gold costs posted positive factors in 5 of the final six months because the U.S. greenback has retreated, however gold has reversed a few of these positive factors over the previous two weeks, as buyers favored the U.S. greenback as a possible security play to guard them from any blowback unleashed by the debt-ceiling deadlock in Washington.