Gold prices fell around 0.48% on Thursday (5/22) and failed to maintain the $3,300 mark after hitting a two-week high of $3,345 earlier. A stronger US dollar weighed on the bullion as US Treasury yields fell from intraday highs as the US House of Representatives approved Trump's budget, which will now be sent to the Senate for approval. XAU/USD was trading at $3,289, down 0.83%.
The market sentiment improved slightly but remained fragile as it was sponsored by Moody's downgrade of the US government's debt rating. The fiscal package so far approved by the US lower house is projected to add $4 trillion to the debt ceiling.
The US Dollar Index (DXY), which tracks the greenback against a basket of six currencies, has pared some of its previous weekly losses and is up 0.18% at 99.86, a drag on the dollar-denominated precious metal.
However, the outlook for Gold Bullion prices remains optimistic due to geopolitical conflicts. According to Walla, citing sources, the news agency revealed that Israel is preparing to strike Iran's nuclear facilities if talks between Iran and the US fail.
On the data front, the S&P Global Purchasing Managers' Index (PMI) in the US improved, indicating that the economy remains solid. Earlier, the US Labor Department revealed that the number of Americans filing for unemployment benefits was slightly lower than the previous reading and below estimates.
Bullion traders are eyeing the release of US housing data and Fed speakers on Friday. (alg)
Source: FXstreet
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