Gold Reaps Benefits of Failed Healthcare Reform, Hits 1-Month High

Gold prices ended the U.S. day session moderately up and hit a four-week high following last week's uptick.
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KITCO NEWS - Gold prices ended the U.S. day session moderately up and hit a four-week high following last week's uptick. New money is flowing into gold, said Gary Wagner, publisher of the goldforecast.com, on Monday. After the failure to push through a health-care reform package on Friday, Wagner noted that it has raised questions over President Donald Trump's ability to deliver promised tax cuts and spending plans. That knocked stocks and the dollar to a four-month low, and gold is reaping the benefits, he told Kitco News. April Comex gold settled the day at $1,255.70, up 0.58% on the day. May Comex silver settled the day at $18.108 an ounce, up 2%. Wagner explained that the metal needs an effective close over $1,265 and then the next real resistance level will be $1,300.

This article was written by a staff member of TheStreet.