Gold prices rise on hopes of US debt deal.

Gold and silver prices rebounded due to bargain hunting and short covering after hitting multi-week lows. The weaker US dollar index and a dip in US Treasury yields also supported the metals market. The US lawmakers are moving closer to a deal to raise the US government's debt limit, which has boosted trader and investor attitudes. The silver bears have the overall near-term technical advantage, while the gold futures bulls have the overall near-term technical advantage.