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PRECIOUS-Gold hits 1-mth peak as dollar slides on Trump healthcare failure
March 27, 2017 / 12:59 AM / 4 months ago

PRECIOUS-Gold hits 1-mth peak as dollar slides on Trump healthcare failure

3 Min Read

    March 27 (Reuters) - Gold rose to a near one-month high on
Monday as the dollar slid after President Donald Trump's failure
to pass healthcare reform raised doubts over his ability to push
through his economic agenda. 
    
    FUNDAMENTALS
    * Spot gold        rose 0.8 percent to $1,254.01 per ounce
by 0042 GMT, after hitting a near one-month high of $1,254.65
    * U.S. gold futures         were up 0.5 percent at
$1,254.60.
    * President Donald Trump suffered a stunning political
setback on Friday in a Congress controlled by his own party when
Republican leaders pulled legislation to overhaul the U.S.
healthcare system, a major 2016 election campaign promise of the
president and his allies.             
    * The blow so early in Trump's term unnerved financial
markets, heightening worries about the chances of
economy-boosting steps being enacted, such as tax reforms and
big spending packages.
    * The greenback took a spill in early Asian trade on Monday
with early moves exaggerated in a very thin market.       
    * Delicate interest-rate hikes are necessary given the
United States may be on the cusp of a jump in inflation, William
Dudley, one of the Federal Reserve's most influential officials
said on Friday.             
    * New orders for U.S.-made capital goods unexpectedly fell
in February, but a surge in shipments amid demand for machinery
and electrical equipment supported expectations for an
acceleration in business investment in the first quarter.
            
    * The nine-month Brexit "phoney war" is set to come to an
end next week when British Prime Minister Theresa May notifies
the European Union of Britain's intention to leave, starting two
years of unprecedented negotiations.             
    * Hedge funds and money managers boosted their net long
position in COMEX gold after two weeks of cuts and cut it
slightly in silver in the week to March 21, U.S. Commodity
Futures Trading Commission data showed on Friday.             
    * Holdings of SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, fell 0.21 percent to 832.62
tonnes on Friday from 834.40 tonnes on Thursday. 
    * An uptick in prices kept a lid on demand for gold in most
regions across Asia this week, while in India, an upcoming
festival saw jewellers stocking up on the metal.             
    * Accidents at two neighbouring gold mines in central
China's Henan province killed 11 people on Friday, the official
Xinhua news agency reported, citing local authorities.
              
   
     DATA AHEAD (GMT)
    0145  China        Caixin services PMI        Feb 
    0700  Germany      Retail sales               Jan 
    0850  France       Markit services PMI        Feb 
    0855  Germany      Markit services PMI        Feb 
    0900  Euro zone    Markit services PMI final  Feb 

 (Reporting By Nallur Sethuraman in Bengaluru; Editing by
Richard Pullin)
  

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