Gold Futures Trades 2-Week Higher on US political Woes

Gold Futures Trades 2-Week Higher on US political Woes

Gold futures prices were higher in morning trade on Thursday, touching the strongest level in around 2-weeks supported by the political turmoil in the United States and tempered expectations for an aggressive string of interest rate hikes by the US Fed.

Comex gold futures added around $1.00, or about 0.1%, to $1,260.29 a troy ounce.

Meanwhile, spot gold was at $1,260.51 in Singapore.

Besides, MCX gold was trading 0.28 per cent, or Rs 81, higher at Rs 28,700 per 10 gm.

Gold gained a sixth consecutive session on Wednesday as investors expressed concern about the latest news coming from Washington.

Former national security adviser Michael Flynn and others on Trump’s campaign team have exchanged at least 18 phone calls or undisclosed emails with Russian contacts during the presidential race, Reuters reported earlier.

This was only the last concern in the troubled White House week, which included allegations that the president had tried to intervene in a federal probe and exchange confidential information with the Russian foreign minister.

The Justice Department on Wednesday appointed former Federal Bureau of Investigation director Robert Mueller as special adviser to lead an investigation into Russia’s alleged interference in the US presidential election.

SPDR Gold Trust GLD holdings stood at 851.89 tonnes, unchanged from the previous business day.

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