Gold is ahead of the game for best quarter as it shrugs off political concerns

Price of gold

President Donald Trump’s investments and tax plans along with successions of European elections incited the price of gold on track for an 8.2 percent quarterly growth. It also urged the yellow metal as safe haven.

The bullion may be ahead on a quarterly basis, it subsequently dropped by 0.7 percent last Thursday, its biggest decline in three weeks.

U.S. gold futures edged higher by $2.30 at $1,247.30 an ounce for their April delivery. Spot gold was higher by 0.56 percent at $1,249.89 an ounce. Meanwhile gold futures added $3.20 to end at $1,251.20 per ounce.

The U.S. currency was also on track for its best week this 2017, with the support of an unexpected fiscal growth for the country and remarks by the president of the Federal Reserve in New York that strengthened predictions of the United States lifting its interest rates this 2017. A stronger dollar is good for the bullion for its makes it high priced for currency holders, while interest rate hikes drives the bond yields higher.

However the yellow metal is carried in the impending months by concerns over President Trump’s capability to enact tax reductions and investment spending, added by a risky political prospect in Europe. According to a GFMS analyst at Thomson Reuters, a restoration in Indian buying is possible to drive prices to an average $1,259 per ounce this 2017.

Meanwhile in other metals; Palladium rose by 0.50 percent at $798 per ounce, Platinum added 0.50 percent at $947.75 per ounce, and the spot silver was higher by 0.72 percent to settle at $18.21 per ounce. Spot silver hits its highest in four weeks by getting $18.29 in earlier session.


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