Gold Holds Above $2020 Mark After Forceful Gains Yesterday

Published on May 03, 2023 18:03

Gold is holding around two week high after a forceful jump in last session amid a hefty slide in the US stocks. The yellow metal spiked around $30 per ounce and broke above $2000 mark. The US dollar is losing momentum ahead of Federal Policy meet and the dollar index is down 0.31% at 101.40, coming well off its three week high. Rising fears of US debt default is also supporting the yellow metal although resurfacing US banking concerns adding to safe haven demand could restrict gains in the commodity. US Treasury Secretary Janet Yellen has warned that the US may run out of cash by 1 June if Congress fails to raise or suspend the debt ceiling. Meanwhile, COMEX gold futures are currently trading flat at $2023 per ounce.