By Carolina Curiel

ScrapMonster Author

Gold Rallies as Trump's `Toughest Time' in Office Batters Dollar

Market Daily & Weekly

Note: Indications only, open and closing prices are bids; Data source: Bloomberg; Times as per Dubai

Fundamentals and News

Gold Rallies as Trump's `Toughest Time' in Office Batters Dollar

Bullion’s gains are largely due to weaker dollar, OCBC says

Gold rises amid suggestion Trump may have obstructed justice

Gold’s getting a boost from the turmoil surrounding Donald Trump’s administration.

The metal climbed for a fifth day, the longest run in a month, on reports that the president asked FBI Director James Comey to drop an investigation into a former National Security Adviser. The dollar has dropped and European stocks fell amid the latest controversy, which prompted references to the 1970s Watergate scandal that helped to sink the then president, Richard Nixon.

Trump “perhaps is facing his toughest time in the office. Investors are questioning whether there is “any possibility of impeachment becoming a reality, because certainly that would hit the confidence massively.”

Bullion for immediate delivery climbed as much as 1.9 percent to a two-week high of $1,260.38 an ounce, and was at $1,259.20 by 1:56 p.m. in New York, according to Bloomberg generic pricing. That takes this year’s gain to about 8.7 percent.

In New York, gold futures for June delivery had a sixth straight gain on the Comex, the longest rally since August.

Gold has risen after Trump’s firing of the FBI director a week ago and following reports that Trump shared intelligence with RussiaSilver for immediate delivery headed for a sixth straight gain, the longest run since March

Silver for immediate delivery headed for a sixth straight gain, the longest run since March. Spot palladium fell for a third day. Spot platinum rose for a sixth day, the longest stretch since February.

Data Forthcoming Releases

Courtesy: http://kalotipm.com.sg/kaloti-market-report-18th-may-2017