Gold Hits 3-1/2-Month High as ‘Trumpfla­tion Trade’ Fades

The Economic Times - - Markets: Beating Volatility -

Lon­don: Gold hit its high­est in 31/2 months on Fri­day as the dol­lar hit a one week low af­ter the new US fi­nance chief poured cold wa­ter on the “Trumpfla­tion tra- de” that had boosted the green­back this year. US Trea­sury Sec­re­tary Steven Mnuchin said on Thurs­day that any steps the new ad­min­is­tra­tion takes on pol­icy would prob­a­bly have only lim­ited im­pact this year, though he wants to see tax re­form passed by Au- gust. Spot gold was up 0.29% to $1,253.53 per ounce by 1445 GMT, hav­ing touched its high­est since Novem­ber 11 at $1,260.10 ear­lier, ze­ro­ing in on the 200-day mov­ing av­er­age.

US gold fu­tures rose 0.24 per­cent to $1,254.40.

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