Gold price moves downward, trading lower around $1,910 per troy ounce during the Asian session on Tuesday. The US Dollar (USD) continues to strengthen
Traders are still pricing in the likelihood of the Fed's policy rates to be higher for an extended period.price moves downward, trading lower around $1,910 per troy ounce during the Asian session on Tuesday. The US Dollar continues to strengthen, partly due to cautious market sentiment and higher US Treasury yields.
According to Reuters, both US President Joe Biden and one of his senior advisers have issued warnings regarding the potential ramifications of a federal government shutdown. They expressed concerns that such a shutdown could result in widespread difficulties, including the loss of food benefits for nearly 7 million low-income women and children.
These proposed cuts would require approval by the Democratic-controlled Senate, which is expected to reject them. If both houses fail to reach an agreement on government spending, it could lead to a partial government shutdown by the following Sunday.
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