Gold inches up as healthcare vote delay weighs on greenback

Gold inches up as healthcare vote delay weighs on greenback

On Wednesday, gold grew in European trade because the greenback and global stock markets pulled back, thus boosting the appeal of the number one precious metal.

Gold futures hit $1,252.52 a troy ounce, soaring approximately 0.5%. On Tuesday, gold grew to notch its fourth revenue in five sessions.

Silver futures managed to rise 1.1%, being worth $16.76 a troy ounce.

The greenback nursed its losses, having found itself under pressure overnight after American Senate Majority Leader Mitch McConnell postponed a vote on healthcare legislation until after the Senate's July 4 recess, in an attempt to gain more support from Republican senators.

Investors are concerned that the Trump administration’s going to find it difficult to follow through with tax drops as well as fiscal stimulus steps, without getting the healthcare bill passed.

As for the dollar index, traditionally measuring the US dollar versus a basket of six crucial currencies, hit 96.09, having dropped to its lowest value since November at 95.92 overnight.

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