Gold settles with a slight loss, ending its streak of gains

Paterniano Del Favero
Luglio 25, 2017

Gold prices touched their highest in four weeks on Monday, supported by political uncertainty in the United States that pushed the dollar to its lowest in over a year.

"Gold is taking a breather after a big run up the last few days, " said Colin Cieszynski, chief market strategist at CMC Markets.

Gold futures on the COMEX division of the New York Mercantile Exchange failed to extend its streak of gains on Monday, with prices settling slightly lower as the US dollar strengthened a bit after last week's sharp loss.

The dollar struggled near a 13-month low against a basket of major currencies as US political woes dampened hopes for quick passage of Trump´s stimulus and tax reform agendas. Gold and the greenback "may both be going into a holding pattern ahead" ahead of a monetary policy statement from the U.S. Federal Open Market Committee due Wednesday. August gold fell 60 cents, or less than 0.1%, at $1,254.30 an ounce.

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