Gold price climbed for a fourth session on Tuesday, as the dollar weakened on concerns about political turmoil in the United States. Gold spot rose 0.49 percent to $1,236.80 per ounce at 1:14 p.m. on Tuesday, according to FinancialBuzz. Com
The U.S. dollar fell to its lowest level in more than six months after the President of United States allegedly revealed highly classified information to Russia's foreign minister and ambassador in a White House meeting, according to two U.S. officials. Gold prices could benefit from a weaker dollar, as it makes other currency holders cheaper to buy dollar-denominated commodities.
Adam Strauss, portfolio manager at Appleseed Fund said, "There's been a lot of political volatility, but it hasn't hurt the stock market…Having said that, political issues could lead to a lower value for the dollar, which we expect will happen."
Source: FinancialBuzz
