MTECHTIPS:-Gold turns negative after Trump agrees toraise debtceiling

MTECHTIPS:-Gold turns negative after Trump agrees to raise debt ceiling

MTECHTIPS-Gold prices fell on Wednesday, as U.S. political uncertainty eased after President Donald Trump agreed to raise the debt ceiling and extend government funding through Dec.15. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange fell $6.00, or 0.45%, to $1,338 a troy ounce. Gold prices retreated from a one-year high pressured by a rebound in the dollar on news that President Donald Trump agreed on Wednesday that Congress should pass an extension of the U.S. debt limit and raise the debt ceiling, which caps how much money the U.S. government can borrow. Losses in gold, however, remained limited as expectations on additional U.S. rate increases faded, following comments from Federal Reserve officials urging the U.S. central bank to consider shelving its plan to hike rates later this year amid a slowdown in inflation. Minneapolis Federal Reserve Bank President said the Federal Reserve’s recent interest rate hikes may be slowing inflation and inflicting “real harm” on U.S. economic growth. “Maybe our rate hikes are actually doing real harm to the economy,” said comments came after Federal Reserve Governor Lael Brainard urged the U.S. central bank to delay raising interest rates until the trend of slowing inflation improved

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