Gold prices witness dip as US debt ceiling talks show no progress: Should you buy, sell or hold today?

Gold prices edged lower on Thursday, May 25. On the Multi Commodity Exchange (MCX), gold futures were trading at Rs 59,670 per 10 grams, after recording a fall of 0.32 percent. Globally, spot gold held steady at $1,957.49 per ounce by 0300 GMT. US gold futures fell 0.3 percent to $1,958.60.

Gold prices traded in a narrow range as investors awaited developments in the drawn-out debt ceiling negotiations, while a stronger dollar capped advances. The dollar index held firm close to the previous session's high, keeping a lid on gold prices, according to news agency Reuters.

Bullion has been attempting to recover from its previous sell-off, but a stronger dollar and higher US Treasury yields continue to keep the upside in check, which seems to override safe-haven flows around the US debt ceiling situation, Yeap Jun Rong, a market analyst at IG was quoted as saying in Reuters report.