Daily Gold Market Report

U.S. Debt Hits Record $34 Trillion as Congress Faces Crucial Funding Deadlines
3 Months After We Hit $33 Trillion…

(USAGOLD – 1/3/2024) Gold and silver prices are sharply lower in early trading. Traders are starting to look ahead to Friday’s U.S. employment situation report for December. Gold is trading at $2034.82, down $24.14. Silver is trading at $23.00, down 66 cents. The U.S. public debt has surpassed $34 trillion, marking a concerning milestone as Congress prepares for imminent funding debates. The rise in debt is attributed to increasing federal deficits, driven by lower tax revenues and higher expenditures. As Congress reconvenes, it faces deadlines to resolve spending for the fiscal year, with Republican calls for reduced discretionary spending and discussions over emergency aid for Ukraine and Israel. The potential failure to pass spending bills risks a government shutdown, and the upcoming elections further complicate negotiations. Maya MacGuineas of the Committee for a Responsible Federal Budget highlighted the gravity of the situation, urging for decisive actions to mitigate the escalating debt through measures like tax increases, spending cuts, or the formation of a fiscal commission.