Gold prices edged higher on Monday as the U.S. debt ceiling stalemate and concerns of an economic slowdown steered some traders towards the safe-haven metal, APA reports citing Financial Post.
Spot gold was up 0.2% at $2,014.44 per ounce by 0432 GMT, after falling for three sessions. U.S. gold futures were flat at $2,019.10.
Recent downside surprises in U.S. economic data have lifted the chances of a recession over the next 12 months, with safe-haven flows providing somewhat of a cushion for gold, said Yeap Jun Rong, a market analyst at IG.
Data on Friday showed U.S. consumer sentiment slumped to a six-month low in May on worries that political haggling over raising the federal government’s borrowing cap could trigger a recession.
Among other precious metals, spot silver rose 0.4% to $24.01 per ounce, platinum advanced 0.6% to $1,056.19 and palladium was up 0.6% at $1,518.06.
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