Spot gold prices traded flat at $1248.9/oz, near one week lows, as a stronger DX along with rally in the US equities after Trump reiterated on his tax cuts, infrastructure and defence spending plans in his speech before the Congress, pressurised the yellow metal. Still, the safe haven metal has witnessed gains of around 4 percent in February thanks to uncertainty regarding Trump’s policies and Federal Reserve interest rate path going forward. Also, latest CFTC data showed hedge funds early last week lifted their net long position in gold futures by just over a fifth to the highest level since November. This is an indication that gold investors are expecting the uncertainty over Trump administration to continue even after his speech before the Congress.
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