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Gold prices were unchanged on Monday and the dollar edged down after U.S. president Joe Biden and House speaker Republican Kevin McCarthy have reached an agreement to suspend the $31.4 trillion debt ceiling until Jan. 1, 2025. The deal is now ready to move to Congress for a vote.
Spot gold was marginally lower at $1,945.28 per ounce, while U.S. gold futures were virtually unchanged at $1,963.15.
As debt default worries recede, investors have shifted their focus to this week's U.S. jobs report for May and the upcoming FOMC meeting in June.
Investors expect further monetary policy tightening after the Fed's preferred inflation gauge - the personal consumption expenditures (PCE) price index - came in stronger than expected on Friday.
U.S. consumer spending also increased more than expected in April, raising market expectations for another 25-bps rate hike from the Federal Reserve next month.
Reports on U.S. job openings and non-farm payrolls data could influence the Fed's thinking for the June decision.
