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Gold turns positive on healthcare vote jitters

Investing.com -

Investing.com - Gold prices traded slightly above break even on Friday, buoyed by a dip in the dollar, as weaker than expected economic data and fears that President Trump failed to secure enough Republican votes to push a key healthcare bill through congress weighed on the greenback.

The outcome of a vote on a bill to repeal and replace parts of Obamacare remained front and centre on Friday, as investors worried that a negative outcome would cast a doubt on Trump's ability to push through more 'market sensitive' legislation such as a tax reform.

Gold for April delivery on the Comex division of the New York Mercantile Exchange gained $0.65 or 0.04%, to trade at $1,243.85 a troy ounce by 12:54 EDT. The yellow metal remained on track for a second weekly gain.

A slump in the dollar to near seven-week lows continued to lend support to dollar-denominated gold, as dollar weakness tends to increase demand for the yellow metal from holders of other currencies.

The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, lost 0.06% to 99.50 by 12:43 EDT, as a weaker than expected core durable goods print for February weighed on sentiment.

The Commerce Department said on Friday, orders for core durable goods, a category that excludes aircraft and military goods, rose 0.4% in February, which was less than economists' forecast of a 0.5% rise.

Elsewhere, silver futures rose 0.76% to $17.727, a troy ounce while copper sank 0.62% to $2.628.

Platinum fell 0.08% to $966.60 while Natural Gas tacked on 0.62% to trade at $3.070.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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