MTECHTIPS;- Gold jumps to 2-week high amid fresh worries over Trump

MTECHTIPS;- Gold jumps to 2-week high amid fresh worries over Trump

MTECHTIPS-Gold prices gained in European trade on Wednesday, touching the highest level in two weeks as traders kept an eye on fresh political developments in the U.S. after President Donald Trump allegedly asked the FBI to end a probe into his former security adviser. Comex gold futures rose around $7.00, or about 0.6%, to $1,243.61 a troy ounce by 3:00 AM ET (07:00 GMT). Meanwhile, spot gold was at $1,243.79. Prices of the yellow metal jumped to an overnight peak of $1,245.00, the most since May 3. Gold notched a fifth-straight winning session on Tuesday as the dollar sank to a six-month low amid signs of slowing economic activity in the U.S. Safe-haven demand was boosted after media reports said President Trump asked then-FBI Director James Corey to end a probe into Trump’s former national security ad visor, Michael Flynn. The report raised questions over whether obstruction of justice charges could be laid against Trump, adding to concerns that he will be unable to successfully push through his economic stimulus program in the face of mounting controversies. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, weakened for a sixth straight day, falling around 0.2% to 97.86 in London morning trade. It slid to an overnight low of 97.76, a level not seen since November 9. Meanwhile, a string of weaker than expected U.S. economic reports in recent days saw investors temper expectations for more rate hikes by the Federal Reserve

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