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With President Joe Biden and House Speaker Kevin McCarthy reaching a tentative deal on the borrowing limit, gold and oil have moved in different directions.
Oil prices rose in Monday morning’s Asian trading session as the world's largest oil consumer reached a deal to avert a default on its national debt. West Texas Intermediate futures maturing in July were trading over 1% higher at $73.42 per barrel at the time of writing. The United States Brent Oil Fund (NYSE:BNO) closed 1.21% higher on Friday while the Vanguard Energy Index Fund ETF (NYSE:VDE) lost 0.42%, according to Benzinga Pro.
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Oil's rise on Monday comes after a sluggish week when prices declined after Russia's Deputy Prime Minister Alexander Novak stated OPEC+ wasn't likely to take further measures at its gathering in Vienna in June.
Novak's remarks stood in contrast to warnings from Saudi Energy Minister Prince Abdulaziz bin Salman's earlier last week. "I keep advising them that they will be ouching — they did ouch in April," the Minister cautioned speculators, while speaking at the Qatar Economic Forum in Doha on Tuesday. "I would just tell them: Watch out!" he said. The OPEC+ alliance is scheduled to meet June 3-4 in Vienna.
Gold: The debt ceiling deal, however, did not augur well for bullion prices as the commodity's safe haven status took a back seat with the crisis getting closer to resolution. Spot gold was trading 0.11% lower during Monday morning Asian trade at levels close to $1,944 per ounce.
Analysts from Guotai Junan Securities said in a research note that gold will likely continue to fall if the Biden-McCarthy debt-ceiling deal is approved by both houses of Congress before the "X-date, according to The Wall Street Journal.
The SPDR Gold Trust (NYSE:GLD) closed 0.4% higher on Friday while the iShares Gold Trust (NYSE:IAU) gained 0.44%.
