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Gold prices stabilized near their lowest levels since the beginning of May

 Gold prices stabilized during trading on Wednesday, after closing below two thousand dollars for the first time in more than two weeks, despite the rise in the dollar and in light of the uncertainty about the debt ceiling talks in the United States.

Gold futures prices for June delivery settled at $1991.90 an ounce, after recording yesterday the lowest closing since the first of May.

Silver futures prices for July delivery decreased by 0.20% to $23.84 an ounce.

The dollar index - which measures its value against a basket of major currencies - rose 0.30% to 102.88 points, and the rise of the US currency usually puts downward pressure on the commodities denominated in it.

Markets are closely watching the Democrats and Republicans talks in the United States regarding the government debt ceiling, with the approach of June 1, which was set by the Treasury Department as a possible date for the country to default on its obligations.

And while US House of Representatives Speaker Kevin McCarthy said on Tuesday that an agreement could be reached on the debt ceiling this week, President Joe Biden said that there is a lot of work to be done to reach this agreement.

Analysts believe that reaching an agreement on the US government debt ceiling constitutes downward pressure on gold prices, while sharp upward pressure will be formed in the event of the country defaulting.


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