GOLD - Continues its uptrend
The price of gold saw a slight increase of $4.2 USD per ounce, reaching $1,966 USD per ounce today. The demand for the precious metal rose due to concerns related to the agreement on raising the debt ceiling that are expected to face obstacles.
However, passing the ceiling agreement would not be good news for gold as it would result in significant spending tightening and potentially cause a severe recession. Despite the dollar's rally following the latest labor market data, the gold market remained bullish and continued to rise from two-month lows on Tuesday.
However, passing the ceiling agreement would not be good news for gold as it would result in significant spending tightening and potentially cause a severe recession. Despite the dollar's rally following the latest labor market data, the gold market remained bullish and continued to rise from two-month lows on Tuesday.
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