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Gold widens gains to one-month high
Gold extended its gains to a one-month high on Monday as the dollar tumbles against a basket of currencies, while global stocks skid, raising demand on gold as a safe haven.
Gold last traded at $1,255.1 an ounce, up from the opening of $1,253.0, with an intraday high at $1,260.9, and a low at $1,252.3.
Gold's current surge comes as the dollar skids to a five-month low against a basket of currencies after U.S. president Trump's failure to pass the new healthcare law in Congress, pulling it before the vote even began.
On the other hand, global stocks fell today amid doubts about Trump's ability to realize his other promises such corporate tax cuts and infrastructure spending, weighing on Wall Street at the open.
Large losses sustained by the dollar and stocks raised demand on gold as a safe haven, specially amid instability in the markets as Britain readies to officially exit the European Union, nudging investors towards safe havens such as gold.
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