Gold Rise off 8-Week Lows After Trump Sacks FBI’s Comey; Silver Rebounds

Gold futures prices higher in morning trade on Wednesday, moving away from the prior session’s eight-week low on firm overseas cues after U.S. President Donald Trump abruptly fired FBI Director James Comey.

Comex gold futures rose around $8.50, or about 0.7%, to $1,224.50 a troy ounce. Comex, silver futures gained 25.1 cents, or about 1.6%, to $16.32 a troy ounce. It fell to $16.06 on Tuesday, a level not seen since Jan 3.

Globally, gold rose 0.07 per cent to USD 1,221.90 an ounce in Singapore. Silver too gained 0.03 per cent to USD 16.16 an ounce.

The players in the market on the edge of the edge after Trump fired Komei on Tuesday evening in a move shocked by Washington because of his dealings with the e-mail scandal in the election, which included the then presidential candidate Hillary Clinton.

Democrats accused Trump immediately the existence of politically motivated, where he was leading the Komei investigations conducted by the FBI’s office in the alleged Russian interference in the US presidential campaign for the 2016 and collusion with the potential Trump campaign.

Market analysts warned that the Komi fire could create an offer that could delay Trump’s plans for tax reform and infrastructure spend.

Gold prices shot up by Rs.95 to Rs.28,665 per 10 grams at the bullion market in Delhi.

Indian bullion Traders said besides a firm trend globally, where gold recovered from an eight-week low as weakness in the dollar raised appeal for the precious metals.

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