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Gold Hits 1-Month Peak As Dollar Slides On Trump Healthcare Failure
Gold rose to a near one-month high on Monday as the dollar slid after President Donald Trump's failure to pass healthcare reform raised doubts over his ability to push through his economic agenda. FUNDAMENTALS Spot gold rose 0.8% to $1,254.01 per ounce by 0042 GMT, after hitting a near one-month high of $1,254.65 U.S. gold futures were up 0.5% at $1,254.60. President Donald Trump suffered a stunning political setback on Friday in a Congress controlled by his own party when Republican leaders pulled legislation to overhaul the U.S. healthcare system, a major 2016 election campaign promise of the president and his allies.
The blow so early in Trump's term unnerved financial markets, heightening worries about the chances of economy-boosting steps being enacted, such as tax reforms and big spending packages.