Gold on Track to Notch 2nd Straight Weekly Gain as Dollar Slump Continues

Gold on Track to Notch 2nd Straight Weekly Gain as Dollar Slump Continues

Gold futures rose on Friday and were on track for a 2nd consecutive weekly gain as the strong dollar sales amid renewed political uncertainty in Washington reported that special lawyer Robert Mueller will expand his research to include business deals of President Trump.

Gold futures for August delivery on the Comex Exchange rose by $8.46, or 0.68%, to $1,254.06 a troy ounce.

Spot gold edged down 0.04 per cent to $1,243.80 per ounce after touching a three-week high on $1,247.48 an ounce in the previous session.

According to several news agencies reported that the private business of US President Donald Trump is scheduled to be subject to scrutiny as the Special Adviser Robert Mueller will expand investigations into allegations that Russia has affected the US presidential election in 2016.

The lack of political uncertainty in Washington linked to the US dollar at the lowest level in more than a year compared to its competitors, thereby raising the price of gold to its highest level, where the precious metal seeks to achieve the biggest weekly gain to him within two months.

The US dollar headed for weekly losses on Friday, emptying at its lowest levels against the euro in nearly two years after the head of the European Central Bank, Mario Draghi, said that policymakers would discuss changing its purchase program of bonds in autumn.

The ECB left unchanged its ultra-easy monetary policy on Thursday and even discussed the possibility of recovering the stimulus, suggesting that may delay an inevitable decision to reduce bond purchases until the last possible moment.

The fall of the underlying dollar moves higher in other precious metals, as silver futures rose 0.59% to $ 16,442 a troy ounce.

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