Gold is up 1.3%, or $US16, at $US1,260 per ounce on Monday morning as uncertainty surrounding the Republican agenda hits global markets.
On March 24, the Republican-led House of Representatives failed to pass its healthcare bill, causing some uneasiness about whether or not President Donald Trump’s plans for cutting taxes, rolling back regulations, and spending massively on infrastructure will get done.
While that uncertainty is boosting gold, its putting pressure on stocks and the US dollar. Dow Jones industrial average futures are down 145 points and the US dollar is weaker by 1.06% against the Japanese yen and nearly 1% against the euro.
Gold has been making a comeback since its post-election slump. The precious metal tumbled 11% in the weeks following the election, bottoming out at about $US1,128 on December 22. Buying over the past two months has run gold up to its highest level since November 10, two days after the election.
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