London — Gold rallied more than 1% on Monday after US President Donald Trump’s failure to push through a healthcare reform package on Friday raised questions over his ability to deliver promised tax cuts and spending plans. That knocked the dollar to a four-month low versus a currency basket and drove a drop in stock markets, with European indices sliding nearly 1% in early trade and US stock index futures hitting six-week lows. Spot gold was up 1.1% at $1,257.08 an ounce at 9.30am GMT, having touched a one-month high of $1,259.14. US gold futures for April delivery were up $8.60 an ounce at $1,257.10. "Trump’s spectacular failure to get his health bill through congress raises concerns about his ability to achieve his goals on other policies," Saxo Bank’s head of commodity research Ole Hansen said. "With stocks, the dollar and bond yields lower and geo-political risks on the rise, gold may stand out as the commodity of choice at such time." Gold had already rallied sharply from its ...
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