Gold Rises on Speculation of Fed Pause and Debt Ceiling Resolution

Gold and silver prices rose amid speculation that the Federal Reserve may pause its interest rate hikes at the June FOMC meeting. The Wall Street Journal reported that the Fed is likely to pause before raising rates again later this summer. The ADP national employment report for May showed a rise of 278,000 jobs, well above market expectations. Traders are now looking ahead to the Labor Department's employment situation report for May on Friday morning. The US dollar index is lower, while Nymex crude oil prices are higher.