MTECHTIPS;-Gold on track for fourth straight day of gains

MTECHTIPS;-Gold on track for fourth straight day of gains

MTECHTIPS – 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. Gold for June delivery on the Comex division of the New York Mercantile Exchange gained $7.14 or 0.58%, to $1,237.13 a troy ounce by 13:54 EDT. 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. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.71% to 98.11 by 13:14 EDT. 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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