Gold records its fifth rise in six days and is one step away from drilling the u$s2,000

He gold rises this Thursday, June 1, thanks to the fall in the yield of Treasury bonds, but the strength of the dollar, with more increases in the interest rates of the Federal Reserve in sight after a decisive vote on the debt ceiling in the US.

He spot gold rose 0.6% to $1,994.85 an ounce and US gold futures rose 0.7% to $1,995.15 an ounce. In May it lost 1.1% and $100 from the all-time highs reached at the beginning of the month..

Among other precious metals, the silver spot increases 1.8%, to US$24 an ounce, the platinum earns 1.1%, at $1,009.95, and the palladium rises 2.2%, to u$s1,388.28.

Given continued high inflation, gold is likely to outperform platinum and silver as these commodities become stressed as affected markets experience continued downward pressure, he said. Clifford Bennettchief economist of ACY Securities.

The House of Representatives from United States approved a bill on Tuesday that could suspend the country’s debt limit and avoid a default, so the market’s attention is now focused on the Senate and on interest rate prospects.

Future outlook for gold

At the macroeconomic level, the job vacancies in the United States rose unexpectedly in April and the previous month’s data was revised upwards, pointing to continued strength in the labor market that could force the fed to raise interest rates again in June.

However, Federal Reserve officials, including the designated vice president, took aim at a “pause” in rate hikes in Juneprompting a quick turnaround in market expectations for another hike, as the US central bank remains cautious in the face of still-strong inflation data.

The index of the dollar, Compared to the greenback after a basket of six major currencies, it rose 0.13% to 104.28 units from its highest level in more than two months, making bullion cheaper for foreign buyers.

Higher interest rates make zero yield bullion less attractive.