Investing.com - Gold drifted weaker in Asia on Monday as Donald Trump's first visits abroad as president were in focus with a flurry of deals signed in Saudi Arabia in the first stop and with investors shrugging off the latest missile test by North Korea at the weekend.
Gold for June delivery eased 0.05% to 1,252.99 a troy ounce. Copper futures on the Comex fell 0.62% a pound to $2.571 a pound.
In the week ahead, investors will be looking at Wednesday’s Federal Reserve meeting minutes for fresh indications on the possible timing of the next U.S. rate hike. Revised data on U.S. first quarter growth and private sector survey data out of the euro zone will also be in focus.
Financial markets in Canada are to remain closed for a holiday.
Last week, gold prices were higher on Friday and notched the largest weekly gain since mid-April as political uncertainty surrounding the Trump administration pressured the dollar lower, boosting demand for the precious metal.
The dollar came under renewed selling pressure on Friday following reports that a senior White House adviser is a person of interest in the investigation into alleged Russian interference in November’s presidential election.
The Justice Department on Wednesday appointed a former FBI director as special counsel to investigate possible coordination between the Trump campaign and Russia.
The appointment of a special counsel comes after Trump fired James Comey, his FBI director who was leading a probe into Russia’s role in the election and reports that he attempted to interfere with the judicial process, leading to talk of possible impeachment.
Investor sentiment has been hit by fears that the U.S. political system could become engulfed by crisis, preventing lawmakers from pushing through tax or spending reforms.