September 24, 2017

MTECHTIPS;-Gold hovers at 3-month high amid political, economic uncertainty

MTECHTIPS-Gold prices were slightly higher in North American morning trade on Thursday, hovering below the prior session’s 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 inched up $2.00, or about 0.2%, to $1,241.40 a troy ounce by 8:45 AM ET (13:45 GMT), after rising $3.40, or 0.3%, a day earlier, its fifth straight session of gains. Prices of the yellow metal rallied to $1,246.60 on Wednesday, the highest since November 11. Uncertainty about European politics has boosted gold in recent sessions. Polls this week have shown German Chancellor Angela Merkel falling behind a candidate from the country’s Social Democrats in this year’s elections scheduled to take place in September. Polls have also suggested France’s Marine Le Pen, who has vowed to pull France out of the euro zone, is gaining ground. Adding to the mood of uncertainty, elections will also be held in the Netherlands in March 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. Investors often buy gold as a refuge against economic and political uncertainty. Gains were limited due to a stronger U.S. dollar, as dollar-priced commodities become more expensive to investors holding other currencies when the greenback gains

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