MTECHTIPS;-Gold / Silver / Copper futures – weekly March 27 – 31

MTECHTIPS;-Gold / Silver / Copper futures – weekly outlook: March 27 – 31

MTECHTIPS-Gold prices retraced gains late Friday but still notched up a second weekly rise as concerns over the Trump administration’s ability to push through its pro-growth economic agenda underpinned safe haven demand. Gold for April delivery settled down 0.34% at $1,243.00 on the Comex division of the New York Mercantile Exchange, off session highs of $1,251.85. Gold touched its highest since February 28 on Thursday, at $1,253.15 and ended the week with a gain of 1.07%. Prices of the precious metal turned lower as the dollar steadied after Republican leaders dropped legislation to replace the Affordable Care Act before a planned vote in the House of Representatives, after it failed to gather enough support to pass. Investors viewed the Trump administration’s failure to push through a healthcare overhaul as a sign he may also face further setbacks delivering on other policy pledges including corporate tax cuts, regulatory reform and infrastructure spending. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 99.59 in late trade. The index dipped to 99.36 earlier in the session, an almost four month low. A strong U.S. dollar usually weighs on gold, as it dampens the metal’s appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies

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