Optimism over debt ceiling legislation fuels a potential reversal in gold pricing
Over the three-day holiday weekend, President Biden and House Speaker McCarthy reached a deal to raise the debt limit which hit $31.4 trillion In January. The 99-page bill headed over to the House Rules Committee this morning, where the committee will vote to send it over for a full house vote expected on Wednesday.
Lower yields and dollar weakness were highly supportive of higher gold prices. After trading to a low of $1931 this morning gold futures recovered and as of 5:15 PM EDT are trading up $14.60 and fixed at $1958.90.
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