The gold price steady since Trump’s failed health care reform bill
Spot gold has held steady at $1,253.83 per ounce at 0557 GMT, after touching its highest point in a month at $1,261.03 the day before, according to Reuters, who went on to report that U.S. gold futures inched down 0.2 percent to $1,253.60.
The markets’ panic over whether Trump would be able to push through his plans for tax reform and spending increases has subsided somewhat, although uncertainty remains.
“Gold is benefiting from the GOP health-care reform failure and subsequent greenback weakness,” said Accendo Markets analysts Mike van Dulken and Henry Croft in a note on Monday, as reported in Marketwatch.
The dollar has shown signs of mild recovery however, coming off its multi-month low. Earlier yesterday it fell to 98.858 on the DXY, the index used to measure its value compared to other currencies.
However, the prospect for gold still looks strong for the year. “With Trump’s 100 days of action rapidly becoming 100 days of inaction, and ahead of French elections, gold should remain bid on any meaningful dips going forward,” said Jeffrey Halley, senior market analyst at OANDA, as quoted in Reuters.
In mining news Patagonia Gold plc has increased its revenue by 15% to $30m and achieved a first-time profit of $1.1m in a year, having sold 24,572 ounces of gold in 2016. It has since ceased mining, but continues leaching.
In other news a massive 100kg gold coin, worth millions, has been stolen from Berlin’s Bode Museum.
CNBC reported museum spokesman Stefen Petersen as saying “thieves apparently entered through a through a window about 3:30 a.m. on Monday, broke into a cabinet where the ‘Big Maple Leaf’ coin was kept, and escaped with it before police arrived.”
The coin is allegedly in the Guinness Book of Records for its purity of 999.99/1000 gold. It has a portrait of Queen Elizabeth II on one side and maple leaves on the other.
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