Gold prices recover after three-day decline

Gold prices have recovered after falling more than 3% for three trading sessions in a row. On May 19 morning, the prices slightly grew, Report informs referring to the auction data.

The price of June gold futures on the New York Comex exchange rose by $4.55 (0.23%) to $1,964.25 per troy ounce. July silver futures rose 0.66% to $23.79 an ounce.

Investors have been following talks between US President Joe Biden and congressional leaders on a debt ceiling. The Department of the Treasury in letters to Congress warns that by June 1 the country will probably not be able to fully service obligations if legislators do not authorize the expansion of borrowing limits by that time.

Earlier in May, Treasury Secretary Janet Yellen said that under Section 4 of the 14th Amendment to the US Constitution, the viability of the public debt should not be in doubt. This section may allow the president to decide the issue of public debt without congressional approval. But this could lead to a constitutional crisis.