Gold futures jumped Monday, building on their two-week advance and touching their highest level in a month.
Analysts said the metal was benefiting from haven demand as investors were spooked by Republican leaders failing Friday to repeal and replace Obamacare.
Gold for April delivery GCJ7, +0.74% rose $10.00, or 0.8%, to $1,258.50 an ounce, while May silver SIK7, +1.14% gained 20 cents, or 1.1%, to $17.95 an ounce.
“Gold is benefiting from the GOP health-care reform failure and subsequent greenback weakness, trading at its highest level in a month,” said Accendo Markets analysts Mike van Dulken and Henry Croft in a note on Monday.
“A further $6 rally would see the precious metal reach its highest level since U.S. President Donald Trump’s election in November,” they added.
On Friday, gold finished higher and logged a second weekly gain in a row.
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