Reuters/Peter Hobson/05-22-17
Gold on Monday extended its biggest weekly gain in five weeks as the U.S. dollar fell against the euro, while U.S. political turmoil fuelled demand for bullion as a safe haven and reduced expectations of rapid U.S. interest rate rises.
…The metal advanced by 2.2 percent last week as the furore over U.S. President Donald Trump’s alleged links to Russia and his firing of former FBI chief James Comey raised concerns about his ability to push through promised fiscal stimulus.
That caused a rush to safe-haven assets such as gold and drove U.S. stocks, the dollar and U.S. bond yields lower, reducing the opportunity cost of holding non-yielding bullion and making gold cheaper for holders of other currencies.
