Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Precious Metal»Gold price slips below $3,300 on dollar recovery
    Precious Metal

    Gold price slips below $3,300 on dollar recovery

    May 22, 20252 Mins Read


    Stock image.

    Gold prices slipped below $3,300 an ounce Thursday as investors took profits from the precious metal’s recent surge amid worries over the US government’s increasing debt burden.

    Spot gold fell 0.5% to $3,297.33 an ounce by 10:30 a.m. ET, reversing its earlier rise to a two-week high of $3,345.33. US gold futures took a similar hit, down 0.6% at $3,294.70 an ounce.

    Meanwhile, the dollar index edged 0.3% higher, recouping some of its losses from the recent US credit ratings downgrade.

    “Selling coming in especially from those looking to book profits and a degree of recovery in the dollar seems to have taken some of the shine off gold,” Ross Norman, an independent analyst, told Reuters.

    Gold remains strong

    Still, gold’s outlook remains generally positive given the economic pressures that loom over the US despite its trade truce with China. A Reuters poll of economists also confirmed these worries.

    “This situation may be a crisis for many assets, but it’s a perfect outcome for gold. As Moody’s downgrade signals growing concern over US credit stability and inflation fears linger, investors are seeking safety in physical gold,” said Rick Kanda, managing director at The Gold Bullion Company.

    “Ultimately, this shift in security needs is driving up prices, and by the looks of things, this is just the beginning,” he added.

    Gold initially moved higher after US Treasury Department’s 20-year bond auction on Wednesday met soft demand, which weighed on risk sentiment among Wall Street investors.

    Market participants also worried that the US government debt would swell by trillions of dollars if Congress passes President Donald Trump’s proposed tax-cut bill, which cleared a major hurdle on Thursday after getting passed by the House.

    “There are concerns about the way the US is managing its debt issue and one would expect gold to remain relatively firm if the markets take these tax cuts in a negative way,” Norman said.

    So far this year, the yellow metal has gained by nearly 25% on the back of rising geopolitical and economic risks, Last month, it set a record high of just above $3,500 an ounce.

    (With files from Reuters)





    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Kamoa Copper lance un centre d’excellence pour former des ingénieurs locaux

    Precious Metal

    Koryx Copper lève 10 millions de dollars via un placement d’actions souscrites

    Precious Metal

    Un duel “Next Gen” au premier tour du FIP Silver de Narbonne !

    Precious Metal

    Ero Copper rétrogradée à « performance sectorielle » par la Banque Nationale du Canada

    Precious Metal

    forages sur le site de Boumadine

    Precious Metal

    Investors are searching for the next gold. Don’t get burned.

    Precious Metal
    Leave A Reply Cancel Reply

    Top Picks
    Fintech

    Visigon, l’entreprise de Huddlestock Fintech, reçoit un nouveau contrat d’une banque danoise -Le 07 mars 2025 à 12:04

    Property

    Dave Liniger discusses AI and the evolution of the real estate industry

    Commodities

    Vivo Energy et Zakoura étendent «Mama Tabiaa» au préscolaire

    Editors Picks

    Must-Have Altcoins With Bullish Potential in September

    August 25, 2024

    Property Share holding co Alt to raise Rs 2.8k crore

    February 23, 2025

    A 5.6% Yield From Ford: Attractive Dividend Stock to Buy or Hidden Trap?

    May 22, 2025

    Southern Copper Corporation : Itau BBA réajuste son opinion à neutre

    June 11, 2025
    What's Hot

    Video of Indigenous peoples: loss of land to the United States

    October 10, 2024

    Bitcoin ATMs hit Yesway, Allsup’s stores

    October 21, 2024

    LG Candidate Goodin Shares Vision for Indiana Agriculture

    October 21, 2024
    Our Picks

    Bullshitomètre : “Le resserrement des taux français et italien est inquiétant”

    July 4, 2025

    Crypto Trading in India: What Investors Need to Know in 2025

    March 26, 2025

    Tampa tops US cities with highest property tax increase: LendingTree

    May 12, 2025
    Weekly Top

    Kamoa Copper lance un centre d’excellence pour former des ingénieurs locaux

    July 9, 2025

    This 6.1% Monthly Dividend Stock is a Cash Flow Machine

    July 9, 2025

    Pakistan plans digital currency pilot

    July 9, 2025
    Editor's Pick

    Invesco Balanced-Risk Commodity Strategy Fund Q2 2024 Quarterly Review

    July 27, 2024

    Gov’t not exploring cryptocurrency ideas – VP Jagdeo

    February 22, 2025

    What is Fintech? | All In Wisconsin

    August 21, 2024
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.