MTECHTIPS;-Gold gains in Asia as U.S. politics cause anxiety on

MTECHTIPS;-Gold gains in Asia as U.S. politics cause anxiety on economic policies

MTECHTIPS-Gold gained in Asia on Wednesday on the continued chaotic U.S. political situation weighing on expectations for economic policies favoring tax cuts and higher spending and as key lawmakers call for a memo reportedly written by former FBI director James Comey on Trump discussing an active investigation to be released. Gold for June delivery on the Comex division of the New York Mercantile Exchange rose 0.60% to $1,243.82 a troy ounce. Copper futures on the Comex dipped 0.24% to $2.544 a pound. Overnight, gold prices edged higher on Tuesday, as U.S. political jitters weighed on the dollar, while mostly downbeat economic data dampened expectations of a rebound in second-quarter U.S. economic growth. Sentiment shifted towards safe-havens on Tuesday, as political turmoil in Washington heightened, after two U.S. officials said President Trump disclosed sensitive information to Russia’s foreign minister at a meeting, last week. In his tweets, President Trump defended his decision to share sensitive information with Russia, insisting that he had “the absolute right” to share “facts” about terrorism with Russia. The dollar nosedived to a six-month low, as investors grew concerned that the recent political turmoil in Washington, could delay the Trump administration’s plans to introduce its pro-growth economic agenda. Dollar-denominated assets such as gold are sensitive to moves in the dollar – A dip in the dollar makes gold cheaper for holders of foreign currency and thus, increases demand

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