Gold Futures Prices Rose with US Policy, Federal Reserve Speakers on the Agenda

Gold Futures Prices Rose with US Policy

Gold futures rose in morning trade on Monday, with the week kick with small gains as investors continued to assess the impact of the latest bout of political turmoil in the United States.

Comex gold prices tacked on around $5.00, or about 0.4%, to $1,258.50 a troy ounce.

Globally, gold fell 0.07 per cent to USD 1,254.70 an ounce in Singapore.

At the MCX Gold was trading 0.16 per cent or Rs 46 down at Rs 28,589 per 10 gram.

Gold gained a weekly gain of 2% last week, the largest since mid-April, as the political uncertainty surrounding Trump’s management has pushed the dollar and reduced demand for safe haven assets.

Investors’ sentiment has been tempered by fears that the US political system will be beset by a crisis, preventing legislators from paying taxes or spending reforms.

The dollar index, which tracks the dollar against a basket of its six major rivals, fell nearly 0.2 percent at a six-month low of 96.79 in New York morning trade.

Bullion traders attributed the rise in gold prices to light buying by local shapers jewelry in local markets, but weak trend overseas capped the rise.

SPDR Gold Trust GLD said its latest holdings stood at 850.71 tonnes, remain unchanged from previous business day.

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