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Gold Prices Jump to 1-Month High

Gold prices jumped to a one-month high as the precious metal extended its rally since the Fed rate hike earlier this month amid a collapse in the dollar.

Gold prices jumped to a one-month high Monday as the precious metal extended its rally since the U.S. Federal Reserve rate hike earlier this month amid a collapse in the dollar and increased global market uncertainty.

Spot gold was marked $13.70, or 1.1% higher, at $1258.50 per ounce in early European trading, the highest since Feb. 28, and 5.15% higher than it traded on March 15, when the Federal Reserve lifted its key interest rate by 0.25%.

Monday's rally is likely directly linked to the failure of President Donald Trump to push through a health-care reform bill last week following the last-minute cancellation of a Congressional vote by House Majority Leader Paul Ryan.

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