Mubasher: Gold prices increased by the end of Monday’s trade, as the political scene in the United States seems in disarray before the awaited announcement of a new chair for the Federal Reserve.
Gold futures rose by 0.5% to the level of $1,277.7 per ounce.
Unites States president Donald Trump’s former National Security Adviser Michael Flynn will probably face charges, special counsel Robert Mueller is investigating Russian interference in the 2016 United States elections.
Flynn previously admitted lying to the US Congress regarding his ties to Russia prior to the elections.
Meanwhile, Trump’s former campaign manager, Paul Manafort was indicted by a federal grand jury on Monday.
Manafort is facing 12 charges included conspiracy against the United States, conspiracy to launder money, being an unregistered agent of a foreign principal, making false and misleading statements and seven counts of failure to file reports of foreign banks and financial accounts, as reported by Reuters.
Donald Trump is expected to announce his pick for the Federal Reserve on Thursday, with Jerome Powell highly expected to be chosen as the new chairman.
Lower dollar and higher oil prices also supported the increase in gold prices today.
