MTECHTIPS;-Gold / Silver / Copper futures – weekly outlook: May 22-26

MTECHTIPS;-Gold / Silver / Copper futures – weekly outlook: May 22 – 26

MTECHTIPS – Gold prices were higher on Friday and notched the largest weekly gain since mid-April as political uncertainty surrounding the Trump administration pressured the dollar lower, boosting demand for the precious metal. Gold for June delivery closed up 0.18% at $1,255.07 on the Comex division of the New York Mercantile Exchange. For the week, the precious metal was up 2.06%. The dollar came under renewed selling pressure on Friday following reports that a senior White House adviser is a person of interest in the investigation into alleged Russian interference in November’s presidential election. The Justice Department on Wednesday appointed a former FBI director as special counsel to investigate possible coordination between the Trump campaign and Russia. The appointment of a special counsel comes after Trump fired James Comey, his FBI director who was leading a probe into Russia’s role in the election and reports that he attempted to interfere with the judicial process, leading to talk of possible impeachment. Investor sentiment has been hit by fears that the U.S. political system could become engulfed by crisis, preventing lawmakers from pushing through tax or spending reforms. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, ended down 0.79% at a six-month trough of 97.00, having given up all the gains it had made following the election in November
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