Gold edges off 8-week low
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Gold edged off the previous day’s eight-week low on Wednesday as US President Trump’s abrupt firing of FBI chief James Comey weighed on US stocks, though gains were capped by expectations of further interest rate increases.
Spot gold was up 0.2 percent at $1,223.42 an ounce by 1405 GMT, while US gold futures for June delivery gained $7.20 to $1,223.40. The metal has slipped sharply in the past week as concerns about this month’s French elections and North Korea’s nuclear program faded, slipping to its lowest since mid-March at $1,213.81 on Tuesday. “(This) looks like an attempt at stabilization today after the sharp losses in the preceding days,” Commerzbank analyst Carsten Fritsch said.
“Trump’s firing of FBI Chief Comey adds new uncertainty, (and) stock markets seem to pause.”
Gains in gold remained muted as expectations for further US monetary policy tightening next month underpinned the dollar and weighed on bullion.
Source: Arab News
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