Home / dollar / 2017-03-25 : PRECIOUS-Gold rises for 2nd week as dollar hampered by healthcare vote

2017-03-25 : PRECIOUS-Gold rises for 2nd week as dollar hampered by healthcare vote

collected by :Irax John

REUTERS/Lucas JacksonBy Sam ForgioneNEW YORK (Reuters) – U.S. shares pared losses to end slightly lower on Friday after Republicans pulled their bill to overhaul the U.S. healthcare system due to a shortage of votes, dealing a blow to U.S. President Donald Trump, while European shares fell ahead of the decision.
[nL2N1H11G1]The dollar was last up 0.3 percent (JPY=) against the yen at 111.25 yen after touching a four-month low of 110.64 yen before the decision.
European stocks slipped as caution prevailed ahead of the decision, with the FTSEurofirst 300 index of top European shares falling about 0.5 percent for the week.
Traders were on tenterhooks during most of the session as they awaited the outcome of the vote.
[nL2N1H11DC]”If this stronger dollar has legs, it depends on the next step,” said Paresh Upadhyaya, director of currency strategy at Pioneer Investments in Boston.

Gold set for 2nd weekly gain as dollar hampered by healthcare vote

as informed in Failure to pass the bill could push gold through technical resistance at around $1,250, analysts said.
Trump has set up a showdown with lawmakers by demanding support for the healthcare bill in a vote on Friday.
Higher rates tend to pressure gold by lifting the opportunity cost of holding non-yielding bullion and boosting the dollar, in which gold is priced.
The metal has risen 1.6 percent this week and on Thursday touched $1,253.12, its highest since Feb. 28.
Gold prices have been supported by expectations that the Fed will raise interest rates more slowly than some had feared.

Gold set for 2nd weekly gain as dollar hampered by healthcare vote

as informed in Trump has set up a showdown with lawmakers by demanding support for the healthcare bill in a vote on Friday afternoon.
The dollar remained near seven-week lows against a basket of currencies <.DXY> ahead of a vote on a healthcare bill, formally called the American Health Care Act.
It rose nearly 2 percent a week earlier.
<.DXY> [FRX/] [MKTS/GLOB] Spot gold was up 0.2 at $1,247.66 an ounce by 2:10 p.m. EDT (1810 GMT).
The metal has risen 1.6 percent this week and on Thursday touched $1,253.12, its highest since Feb. 28.

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