Gold Prices Move Higher on Global Cues Amid U.S. Political Turmoil

Gold Prices Move Higher on Global Cues Amid U.S. Political Turmoil

Gold futures prices are quoted high on Friday on a firm cue from the global markets, with recent political events in the United States continuing to receive their weight on the dollar and rising demand for safe assets, although investors were also looking forward to US data due later in the day .

Spot Gold rose by 0.28 per cent to USD 1,228.20 an ounce and silver by 0.64 per cent to USD 16.41 an ounce in Singapore.

On the Comex Exchange, gold futures for June delivery were up 0.26% at $1,227.36.

Markets have been furious since US President Donald Trump’s unexpected decision to release FBI Director James Kome.

Comey was leading his agency’s investigations into the alleged Russian intervention in the 2016 US presidential campaign and potential complicity with the Trump campaign.

Investors expressed concern that the recent events in Washington could hamper the US administration’s ability to implement the promised tax reforms and stimulus measures.

The bullion market has seen a steady trend abroad, with recent US political events continuing to affect the US dollar and increasing demand for safe assets, as well as the takeover of local purchases by locals in local markets that led to a rebound in gold prices.

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