Gold rises

Bengaluru

Gold rose over 1 percent to touch a one-month high on Monday as the dollar slid after President Donald Trump´s failure to pass healthcare reform raised doubts over his ability to push through his economic agenda.

Spot gold rose 1 percent to $1,256.20 per ounce by 0401 GMT, after hitting $1,257.97, its highest since Feb. 28. U.S. gold futures were up 0.6 percent at $1,256.30. President Trump suffered a stunning setback on Friday as his own Republican party pulled legislation to overhaul the U.S. healthcare system, a major election campaign promise of the president and his allies. The blow so early in Trump´s term unnerved financial markets, heightening worries about the chances of economy-boosting steps being enacted, such as tax reforms and big spending packages.

“Looks like some people are not happy with Trump´s failure over his promises and we see that currently there is a very bearish mood about the U.S. dollar,” said Jiang Shu, chief analyst at Shandong Gold Group.