Gold prices fall in anticipation of solution to US national debt problem

Gold fell slightly as markets are waiting for decisions on the US national debt ceiling, Report informs.

The price of June futures for gold on the New York Comex exchange fell by a symbolic $0.9 (0.05%), to $1,991.95 per troy ounce. July futures for silver fell 0.23% to $23.835 an ounce.

The price of gold is thus stabilizing after falling below $2,000 an ounce the day before.

Markets are evaluating the outlook for the US debt ceiling. A day earlier, President Joe Biden received congressional leaders at the White House to discuss raising the ceiling and preventing a sovereign default. In the meantime, according to the calculations of the Treasury Department, in June the US will not be able to fully service its obligations if Congress does not authorize the expansion of borrowing limits.

Following the meeting, the White House said that Biden is optimistic about the prospects for resolving the problem around the country's public debt, but believes that there is "a lot of work" to be done in this area on some complex issues. At the same time, the US administration also reported that Biden instructed representatives of the parties to continue to hold daily meetings on unresolved aspects of the problem around the public debt.