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Gold inches away from 3-mth high

goldGold on Tuesday inched away from three-month highs touched in the previous session, although it was supported by safe-haven demand on the back of rising political uncertainty globally.

FUNDAMENTALS

* Spot gold had slipped 0.1 percent to $1,234.20 per ounce at 0051 GMT. On Monday, the metal touched its highest ince November 11 at $1,235.73.

* U.S. gold futures rose 0.32 percent to $1,236.20 an ounce.

* The dollar index, which measures the greenback against a basket of currencies, was up 0.1 percent at 100.030.

* Political uncertainty in the United States has been fueled by President Donald Trump’s policies, the most controversial of which is a temporary ban on entry by people from seven mostly Muslim countries.

* Investors were also watching French politics, where conservative presidential candidate Francois Fillon on Monday vowed to fight on for the presidency despite a damaging scandal involving taxpayer-funded payments to his wife for work that a newspaper alleges she did not do.

* French pollster Opinionway published a survey on Monday that showed independent Emannual Macron resoundingly winning a presidential election runoff against far-right leader Marine Le Pen.

* Philadelphia Federal Reserve Bank President Patrick Harker on Monday said he would be open to raising interest rates again at the U.S. central bank’s March meeting if growth in jobs and wages continues.

* The Fed raised rates for only the second time since the financial crisis in December, and most Fed policymakers agree with Harker that three more rate hikes this year would be appropriate. Wall Street banks and interest-rate futures traders are betting the Fed will only lift borrowing costs twice this year, starting in June.

* More than half of British business leaders believe the vote to leave the European Union has had a negative impact on their companies but most firms are confident they can survive the change, according to a survey on Monday.

* Japan will stick to a G7/G20 agreement against competitive currency devaluation and continue to use monetary policy to achieve its inflation goal, without targeting currencies, Finance Minister Taro Aso said on Tuesday.

* The European Central Bank rejected U.S. accusations of currency manipulation on Monday and warned that deregulating the banking industry, now being openly discussed in Washington, could sow the seeds of the next financial crisis.

Source: http://www.classfmonline.com/1.10748955

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