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Gold rises on US debt stalemate, recession fears

Gold prices rose on Monday as the U.S. debt ceiling stalemate and concerns over an economic slowdown steered some traders towards the safe-haven metal.

President Joe Biden's administration again warned Sunday of "catastrophic" consequences for the US economy including huge job losses if the country defaults, as negotiations to forge a debt deal are expected to resume this coming week.

Spot gold was up 0.4% at $22,018.76 per ounce , after falling for three sessions. U.S. gold futures rose 0.2% to $2,023.60.

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