MTECHTIPS:-Gold futures edge higher as dollar slides to lows

MTECHTIPS:-Gold futures edge higher as dollar slides to lows

MTECHTIPS- Gold futures rose on Monday, supported by a slump in the dollar, after the euro rose to six-month highs while concerns over U.S. political turmoil underpinned demand for safe-haven gold. Gold for June delivery on the Comex division of the New York Mercantile Exchange added $8.44 or 0.68%, to $1,262.09 a troy ounce by 13:49 EDT. Gold added to its 2% gain achieved last week, as investors continued to piled into the yellow-metal amid concerns that President Donald Trump may struggle to introduce his pro-growth economic agenda intended to boost the economy. President Trump’s alleged links to Russia and his abrupt decision to fire former FBI chief James Comey, have dominated moves in both the dollar and gold. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.16% to 96.84, after the euro surged on the back of German Chancellor Angela Merkel’s comments that the single currency was “too weak”. 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. The dollar suffered its worst week in more than a year last week, as investors ditched the dollar amid growing concerns that Trump’s plan to introduce initiatives such as tax-reform, deregulation and infrastructure spending, widely viewed as inflationary, would be derailed amid continued political uncertainty.
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