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Gold at 2-week peak as Trump turmoil hits dollar, U.S. yields

Reuters  |  NEW YORK/LONDON 

By Marcy Nicholson and Peter HobsonNEW YORK/LONDON (Reuters) - Gold rose to a two-week high on Wednesday as political turmoil in the United States reduced expectations of aggressive interest rate rises this year, pushed down U.S. bond yields and drove the dollar to its lowest in six months. Lower yields reduce the opportunity cost of holding non-yielding gold, while a weaker dollar makes bullion cheaper for non-U.S. investors. Higher interest rates would push yields up and likely boost the dollar. Spot gold rose for a fifth day and was up 1.8 percent at $1,258.28 an ounce by 2:40 p.m. EDT ...

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First Published: Thu, May 18 2017. 00:53 IST