Investing.com - Gold prices rose to a one-month high during North American morning hours on Monday, as the dollar and global equities sank following President Donald Trump's failure to pass healthcare reform.
Investors viewed the Trump administration's failure to push through the healthcare bill as a sign he may also face further setbacks delivering on other policy pledges, including corporate tax cuts, regulatory reform and infrastructure spending.
Comex gold futures reached a session peak of $1,259.20 a troy ounce, the highest since February 27. It was last at $1,258.45 by 8:30AM ET (12:30GMT), up $10.00, or around 0.8%.
Meanwhile, spot gold was up $13.60 at $1,258.40.
The dollar slid to a near five-month low against a basket of currencies, while global stock markets sold off after President Donald Trump's failure to push through a healthcare reform bill prompted investors to question the extent to which he can deliver on growth policies that have been priced in since his election.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down almost 0.9% at 98.74 in early New York morning trade, a level not seen since November 11.
The index had risen to a 14-year high near 104.00 early in January when expectations for significant stimulus under the Trump presidency were at their peak.
Meanwhile, U.S. Treasury yields edged lower, with the benchmark 10-year note yield falling to a four-week low of 2.357%.
Also on the Comex, silver futures for May delivery jumped 27.9 cents, or about 1.6%, to $18.02 a troy ounce, the most since March 2.
Meanwhile, platinum added 1.5% to $985.75, while palladium shed 0.6% to $808.92 an ounce.
Elsewhere in metals trading, copper futures dropped 5.0 cents, or 1.9%, to $2.581 a pound.