Gold steadies but still heads for a drop

Gold steadies but still heads for first monthly drop Wednesday as the US House of Representatives appeared poised to pass a bill to raise the US debt ceiling. The House is expected to vote Wednesday Evening to raise debt ceiling and leaders of both Republicans and Democrats indicate that the measure has eought votes to pass. A standoff over the debt ceiling in previous month drew investors to gold.

Furthermore, investors are awaiting key US monthly jobs report on this Friday for further indications. The markets around the globe focus on if the US Federal Reserve will raise interest rates again in June or pause its rate hikes to curb inflation.

In general, higher interest rates will send the bullion market to bearish because they make the precious metals less attractive as an alternate investment. However, a pause of an end to the rate hikes would send the bullion market to bullish.

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