Gold touches 4-week high as dollar falls to 13 month low
DSIJ Intelligence / 24 Jul 2017
Gold touched a 4-week high on Monday supported by the US dollar’s fall to a fresh 13-month low due to political uncertainty in the US and weaker equities.
Gold touched a 4-week high on Monday supported by the US dollar’s fall to a fresh 13-month low due to political uncertainty in the US and weaker equities.
At USD 1,255.92 per ounce, spot gold was trading up by 0.1% at 0033 GMT. It hit a 4 week high of USD 1,257.18 an ounce in early trade, having risen 2.1% last week.
US gold futures for August delivery rose 0.1% to USD 1,256.00 per ounce.
As demand for riskier assets retreated after recent strong gains, the Asian stocks slipped.
The dollar struggled near its 13-month low against a basket of major currencies on Monday as the US political woes dampened hopes for the quick passage of President Donald Trump’s stimulus and tax reform agendas.