Gold prices inch down as dollar creeps away from multi-month lows

Reuters/Nithin ThomasPrasad/07-19-17

Gold prices edged lower on Wednesday as the dollar took a breather after plunging to multi-month lows, although fading prospects for U.S. monetary tightening this year and political gridlock in Washington continued to pressure the greenback.

The dollar stayed on the defensive and remained near over 10-month lows as investors wagered any further tightening in the United States would be slow at best, while optimism on China’s economy underpinned Asian shares and commodities.

…Weighing on the dollar was the collapse of Republican efforts to overhaul or repeal Obamacare in the U.S. Senate on Tuesday, dealing a sharp setback to Trump and the Republican Party’s seven-year quest to kill former President Barack Obama’s signature healthcare law.

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