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Gold rises on concerns over the US debt ceiling, China mfg data

Gold gained on Tuesday as investors sought cover from economic uncertainty while also positioning for the U.S. inflation print for cues on the trajectory of interest rates.

Spot gold in US market was up 0.8% at $2,036.56 per ounce while U.S. gold futures settled 0.5% higher at $2,042.90.

Gold price gains from its haven appeal as markets rush for risk safety amid fears of the US default, especially after the first rounds of extensive debt ceiling talks among the United States policymakers reach a deadlock

Another reason that bolstered appetite for gold was that China’s revealed that manufacturing activity slowed down. At the same time, its Trade Balance showed that Exports and Imports dropped from 14.8% to 8.5% in April and from -1.4% to -7.9%, respectively.

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