February 23, 2017

MTECHTIPS:-Gold fluctuates near 3-month high as political risks support

MTECHTIPS- Gold prices swung between small gains and losses in North American morning trade on Tuesday, steadying near the prior session’s three-month high as rising global political uncertainty supported safe-haven demand. Gold for April delivery on the Comex division of the New York Mercantile Exchange tacked on 25 cents, or less than 0.1%, to $1,232.45 a troy ounce by 9:20 AM ET (14:20 GMT), after rallying $11.30, or almost 1%, a day earlier. Prices of the yellow metal touched $1,237.50 on Monday, the most since November 11. Investors were largely focused on French politics, as far-right National Front leader Marine Le Pen launched her presidential bid over the weekend, vowing to fight globalization and take France out of the euro zone. Apart from France, market players also have to factor in elections in other parts of the European Union this year. Dutch elections are in March followed by Germany in September. In Italy, another presidential election looms, even as former Italian prime minister Matteo Renzi said he was willing to shelve his push for early voting. Traders also eyed political risk elements in the U.S., with President Donald Trump’s administration on the back foot over its immigration and other policies. Headlines from Washington will continue to dictate market sentiment as traders focus on Trump for further details on his promises of tax reform, infrastructure spending and deregulation as well as trade policies

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