Monday, 23 January 2017
Gold Rises To Two-Month High On Trump Policy Uncertainty, Dollar Drop
Gold prices rose on Monday to the highest in two months as investors sought safer assets amid uncertainty around the economic policies of new U.S. President Donald Trump and as the dollar declined against other major currencies.
Spot gold rose 0.7 percent, to $1,217.81 per ounce by 0303 GMT. It earlier touched a high of $1,219.43, the most since Nov. 22. U.S. gold futures were up 1.1 percent, to $1,218.20 at 0303 GMT. The dollar index, which measures the greenback against a basket of currencies, fell for a second day by 0.4 percent to 100.310.
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Donald Trump, who took power as the 45th president of the United States on Friday, pledged to end the "American carnage" of social and economic woes in an inaugural address that was a populist and nationalist rallying cry, prompting investor concern about protectionist trade policies. With the lack of a clear policy direction from Trump, the market movement is a sign that risk aversion is back on the table, OCBC analyst Barnabas Gan said.