Gold scales up 2 week high due to weak US housing data, Trump concerns

The prices of gold scaled the level of two-week high on Wednesday as Asian stocks declined and the dollar was pressured due to weak U.S. housing data. The reports of U.S. President Donald Trump seeking an end to an FBI probe into his former security adviser also impacted the gold prices, reported a national news portal.
Spot gold had increased 0.5% to $1,242.92 per ounce, after earlier touching its strongest since May 3 at $1,244.70. It climbed about 0.5% on Tuesday in its biggest one-day percentage gain since April 12. U.S. gold futures were up 0.5% at $1,242.90 an ounce, mentioned a national news portal.
The U.S. manufacturing production posted its biggest rise in more than three years in April. The view has been of picking up economic growth in the second quarter.
The U.S. economy may expand at a 4.1% annualised pace in the second quarter after the release of April figures on housing starts and industrial output.

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