Wednesday, 18 January 2017

Trump Policy Concerns Keep Gold Near 8-Week High

Gold prices on Wednesday hovered below eight-week highs hit in the previous session as uncertainty over U.S. President-elect Donald Trump's economic plans and his comments on strong greenback caused the dollar to decline.

Spot gold was firm at $1,216 per ounce by 0322 GMT. Bullion hit an eight-week high of $1,218.64 in the previous session. U.S. gold futures were up 0.2 percent at $1,215.60 per ounce. In an article in the Wall Street Journal late Monday, Trump said the strength of the U.S. dollar against China's yuan "is killing us".

"What's really given an extra boost for gold is Trump's comments...and some risk aversion sentiments due to Brexit moves," said Jeffrey Halley, senior market analyst at brokerage OANDA in Singapore.

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