MTECHTIPS:-Gold steadies below 2-month high with dollar, Trump in

MTECHTIPS:-Gold steadies below 2-month high with dollar, Trump in focus

MTECHTIPS – Gold prices were little changed during North American morning trade on Tuesday, hovering below the prior session’s two-month peak as traders continued to focus on President Donald Trump for further details on his promises of tax reform, infrastructure spending and deregulation. Gold for February delivery on the Comex division of the New York Mercantile Exchange inched up 45 cents, or less than 0.1%, to $1,216.35 a troy ounce by 10:05 AM ET (15:05 GMT), after rallying $10.70, or 0.9%, a day earlier. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was at 100.03 in New York morning trade, not far from a seven-week low of 99.88. The dollar sold off after President Donald Trump’s nominee for Treasury Secretary Steven Mnuchin said that an “excessively strong” dollar can have negative short-term impacts on the U.S. economy. Mnuchin is still awaiting confirmation by the Senate, which has yet to schedule a vote. Prices of the yellow metal jumped to $1,219.40 on Monday, a level not seen since November 22, amid uncertainty around the economic policies of new U.S. President Donald Trump. In his latest executive order, Trump signed to formally withdraw the U.S. from the 12-nation Trans-Pacific Partnership trade deal, distancing America from its Asian allies