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