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Gold Prices Bounce Amid Debt Ceiling Talk

Gold prices edged up from two-month lows on Friday, helped by a dip in the U.S. dollar as traders assessed the progress of U.S. debt ceiling negotiations and the Federal Reserve’s rate hike path.

Spot gold rose 0.7% to $1,953.49 U.S. per ounce, while U.S. gold futures gained 0.5% to $1,952.80.

Bullion earlier slipped to its lowest since March 22 at $1,936.59 and is down 1.2% so far this week, on course for a third straight weekly fall. The dollar eased but remained on track for a third straight weekly gain.

U.S. President Joe Biden and top congressional Republican Kevin McCarthy are closing in on a deal, a U.S. official told Reuters.

The U.S. personal consumption expenditure data, often referred to as the Federal Reserve’s favored inflation gauge, increased 0.4% month over month in April, higher than the 0.3% Dow Jones estimate. The reading potentially reinforces chances that interest rats could stay higher for longer.