Gold steady as U.S. political woes keep dollar in check

Reuters/Nithin ThomasPrasad & Arpan Varghese/07-24-17

Gold prices were steady after hitting a four-week high on Monday, supported by political uncertainty in the United States and as the dollar remained near its lowest in 13 months.

Doubts over the passage of U.S. President Donald Trump’s stimulus and tax reform agendas continued to weigh on the dollar, although it rose a touch on Monday.

…”I think people are getting more nervous and careful about what is going to happen (in terms of the controversies surrounding the administration of U.S. President Donald Trump),” said Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank.

“The market is expected to be quiet heading into the summer holidays in Asia, but if it moves at all, it’ll move to the upside rather than the downside.”

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