Gold Looks ‘Best Hedge’ as Debt-Ceiling Angst Builds, RBC Says
- Recent gains have put bullion within reach of record high
- Potential US rate cuts this year also supporting the metal
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Mounting fears over the US debt-ceiling crisis will benefit gold as investors brace for potential chaos in financial markets, according to RBC Capital Markets.
Hopes for a deal to avert a first-ever US default were set back after President Joe Biden and House Speaker Kevin McCarthy postponed a meeting on Friday that had been aimed at resolving the impasse. However, the delay signals that staff-level talks were yielding progress, according to people familiar with the talks.