Gold Futures Rise as U.S. Dollar Remains Under Pressure on Report Trump’s Election Campaign Subpoenaed

Gold Futures Rise as U.S. Dollar Remains Under Pressure on Report Trump's Election Campaign Subpoenaed

Gold futures prices rose on Friday, with the US dollar fell after a report that investigators who are looking for a possible Russian intervention in the US presidential election in 2016 has summoned President Donald Trump’s presidential campaign amid continuing uncertainty over the fate of the US tax major reform.

Spot gold had climbed by 0.3 per cent to $1,282.72 per ounce.

Comex gold futures were up $3.74 or about 0.31% at $1,281.94 a troy ounce.

MCX Gold futures were down 0.35 per cent, or Rs 104, at Rs 29,399 per 10 gram.

The US House of Representatives on Thursday approved a wide range of tax cuts, which will be discussed by the Senate now.

Investors are still cautious, as the Republican majority is smaller in the Senate, and is not expected to take any decisive action until after the Thanksgiving holiday next week.

The US dollar also remained under pressure after it was reported that US President Donald Trump’s campaign has called for documents in an ongoing investigation on the possible Russian intervention in the presidential election in 2016.

The New York Times reported Thursday that Special Adviser Robert Mueller issued a call to more than 12 officials.

The Robert Mueller, and is currently investigating the attempts by the Russian government to intervene in the 2016 elections and the possible collusion with Donald Trump’s presidential campaign.

Meanwhile, the head of the Federal Reserve said in Cleveland, Loretta Mester on Thursday that she feels that inflation is ready to upgrade, thus paving the way for the Federal Reserve to continue a gradual process of raising interest rates.

He said technical analyst Reuters Wang Tao is moving above a neutral level of between 1,270 and 1.286 dollars per ounce, more than $ 1298 more.

The dollar index fell against a basket of six major currencies by 0.3 percent.

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