Gold shines

Reuters

New York

 

Gold notched its second straight week of gains as concern about the ability of U.S. President Donald Trump to push legislation through Congress pressured the dollar, making bullion cheaper for holders of other currencies.

Gold, seen as a safe haven asset, has benefited from falls in the dollar, U.S. bond yields and stocks this week as Trump´s difficulty in passing healthcare reform has undermined faith that he can deliver on promises of tax cuts and investment.

Spot gold was up 0.2 at $1,247.66 an ounce. The metal has risen 1.6 percent this week and on Thursday touched $1,253.12, its highest since Feb.28. It rose nearly 2 percent a week earlier.

U.S. gold futures settled at $1,248.50 an ounce.

"Gold seems to have done a little bit better as the day wore on as it´s becoming pretty sure that this bill is not going to pass... That´s a driving force all the way across," said Bill O´Neill, co-founder of LOGIC Advisors.