Gold futures have witnessed negative returns in May due to an increase in the value of the Dollar Index (DXY) against a basket of six major currencies. The safe-haven appeal of gold may be affected in the near term due to the expected resolution of the US debt ceiling and strong economic indicators in the US. Gold was trading at $1,948.10 per troy ounce, up by $4.40 or 0.23%, while silver futures were trading at $23.04, higher by $0.130 or 0.570%. Despite consolidating in a lower range, gold has gained 8.18% so far this year.