Gold steady as investors assess turmoil in President Donald Trump’s administration, following firing of U.S. Secretary of State Rex Tillerson, and report showing U.S. inflation remains muted.
Bullion for immediate delivery edged 0.1% lower to $1,325.52/oz. Bloomberg Dollar Spot Index weakened 0.1%.
With dollar likely to extend weakness as traders start to temper expectations on Fed rate hikes, gold could rise to $1,336-$1,341, saysStephen Innes, head of trading for Asia Pacific at Oanda
Innes cites other reasons to increase haven hedges, including White House’s revolving door, potentially hawkish shift in U.S. foreign policy and U.S. protectionism.
In other precious metals, silver little changed at $16.5963/oz. Platinum added 0.5% to $970.82/oz while palladium rose 1.3% to $1003.45/oz.