November 24, 2017

MTECHTIPS:-Gold extends rally to hit fresh 3-month highs

MTECHTIPS-Gold prices rose for the fifth day in a row on Wednesday, extending a rally to a fresh three-month high amid ongoing worries over political risks in Europe and economic uncertainty in the U.S. Gold for April delivery on the Comex division of the New York Mercantile Exchange rose to a session high of $1,242.50 a troy ounce, a level not seen since November 11. It was last at $1,240.15 by 8:55 AM ET (13:55 GMT), after gaining $4.00, or 0.3%, a day earlier. Investors remained focused on French politics, with recent opinion polls showing centrist Emmanuel Macron slightly ahead of conservative Francois Fillon in the first round, but behind far-right National Front leader Marine Le Pen. She has vowed to pull France out of the euro zone and hold a vote on its membership in the European Union. The first round of the election is scheduled for April 23, followed by the final run-off vote on May 7. Adding to the mood of uncertainty, elections will also be held in the Netherlands in March, Germany in September and possibly Italy. 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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