Gold Holds on to Gains, Supported by US Political Concerns



Gold prices were steady on Tuesday in spite of the explosion at a concert in the English city of Manchester which killed nearly 19 people in what British police said was being treated as a terrorist incident.

The precious metal has been lifted as the dollar fell versus the euro amid political uncertainty in the United States due to the controversies surrounding President Donald Trump.

Spot gold rose 0.1 percent at $1,261.62 an ounce. U.S. gold futures were little changed at $1,261 per ounce. Spot gold gained 2.2 percent the previous week as the uproar on Trump's alleged links to Russia and his dismissal of former Federal Bureau of Investigation chief James Comey have raised doubts on his ability to push through pledged fiscal stimulus.

Holdings in SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, climbed 0.21 percent to 852.48 tonnes.

Investors' net long position in COMEX gold has dropped to a two month-low, according to data from the U.S. Commodity Futures Trading Commission (CFTC).

News are provided byInstaForex.