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Gold futures rise after Trump healthcare defeat

Source: Xinhua   2017-03-28 03:55:33

CHICAGO, March 27 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday after the defeat of U.S. President Donald Trump's healthcare bill.

The most active gold contract for April delivery rose 7.2 U.S. dollars, or 0.58 percent, to settle at 1,255.70 dollars per ounce.

U.S. equities fell on Monday, giving support to gold as the markets reacted to the failure of President Trump's healthcare bill.

Investors are concerned that since this bill failed to pass the U.S. Government's lower chamber, it could be a sign that President Trump's economic agenda of tax cuts and infrastructure spending may be much more difficult to achieve than expected.

The U.S. Dow Jones Industrial Average fell by more than 150 points around the open of the market on Monday, but hovered around 45 points, or 0.22 percent down as of 1900 GMT, with gold trading ended for the day.

Analysts note that when equities post losses, the precious metal usually goes up, as investors are looking for a safe haven, while the opposite is true when U.S. equities post gains.

The U.S. dollar also reacted poorly to the failure of President Trump's bill, as the U.S. Dollar Index fell by 0.19 percent to 99.19 as of 1900 GMT. The index is a measure of the dollar against a basket of major currencies.

Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.

Traders are waiting for the release of several economic reports this week.

The international trade in goods report is expected on Tuesday, a speech by the Fed's Charles Evans on Wednesday, the gross domestic product report and weekly jobless claims on Thursday, and personal income and outlays report on Friday.

Silver for May delivery added 36 cents, or 2.03 percent, to close at 18.108 dollars per ounce. Platinum for April delivery rose 1.1 dollars, or 0.11 percent, to close at 969.00 dollars per ounce.

Editor: yan
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Xinhuanet

Gold futures rise after Trump healthcare defeat

Source: Xinhua 2017-03-28 03:55:33
[Editor: huaxia]

CHICAGO, March 27 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday after the defeat of U.S. President Donald Trump's healthcare bill.

The most active gold contract for April delivery rose 7.2 U.S. dollars, or 0.58 percent, to settle at 1,255.70 dollars per ounce.

U.S. equities fell on Monday, giving support to gold as the markets reacted to the failure of President Trump's healthcare bill.

Investors are concerned that since this bill failed to pass the U.S. Government's lower chamber, it could be a sign that President Trump's economic agenda of tax cuts and infrastructure spending may be much more difficult to achieve than expected.

The U.S. Dow Jones Industrial Average fell by more than 150 points around the open of the market on Monday, but hovered around 45 points, or 0.22 percent down as of 1900 GMT, with gold trading ended for the day.

Analysts note that when equities post losses, the precious metal usually goes up, as investors are looking for a safe haven, while the opposite is true when U.S. equities post gains.

The U.S. dollar also reacted poorly to the failure of President Trump's bill, as the U.S. Dollar Index fell by 0.19 percent to 99.19 as of 1900 GMT. The index is a measure of the dollar against a basket of major currencies.

Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.

Traders are waiting for the release of several economic reports this week.

The international trade in goods report is expected on Tuesday, a speech by the Fed's Charles Evans on Wednesday, the gross domestic product report and weekly jobless claims on Thursday, and personal income and outlays report on Friday.

Silver for May delivery added 36 cents, or 2.03 percent, to close at 18.108 dollars per ounce. Platinum for April delivery rose 1.1 dollars, or 0.11 percent, to close at 969.00 dollars per ounce.

[Editor: huaxia]
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