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Gold prices weaken on U.S. debt-limit negotiations

Gold prices weakened on Thursday, extending a recent string of losses for the yellow metal. This week is shaping up to be a 1.45% decline for XAU/USD. If confirmed, this would be the worst 5-day period since the end of February.

Gold prices were flat in early Asian trade on Thursday as markets focused on the U.S. debt-limit negotiations, with a firmer dollar capping gains after traders dialled back expectations of a rate cut this year by the Federal Reserve.

Recent economic updates from the US have been pouring cold water on near-term Fed rate cut bets. Over the past 24 hours, financial markets seemed to enjoy prospects that a breakthrough could be in store for a bipartisan maneuver in Washington to raise the US debt ceiling, avoiding default.

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