Gold Prices Rallies to 2-Month High as Trump Policy Uncertainty Sink Dollar

Gold Prices Rallies to 2-Month High as Trump Policy Uncertainty Sink Dollar

Futures prices for gold were sharply higher in morning trading on Monday to highs two months, as the US dollar sank against other major currencies amid uncertainty about the economic policies of the new US president Donald Trump.

Gold for February delivery on the Comex Exchange touched a session high of $1,219.40 a troy ounce.

Spot gold was up 0.64 per cent at $1,217.26 per ounce. Earlier in the session, it hit $1,219.43, the highest since Nov. 22.

Greenback index rose, which tracks the dollar’s strength against a trade-weighted basket of six major currencies, was down nearly 0.4% at 100.36 in early trading, after falling to 100.17 earlier, a price not seen since Dec. 8.

Sell the dollar amid a disappointment that the inauguration of US President Donald Trump on Friday’s speech proved light on details regarding his plans to stimulate the economy.

Analysts said with the lack of a clear political direction from Trump, the movement of the market is a sign that risk aversion on the table.

American President said Sunday that he will begin talks with Mexico and Canada to renegotiate the North American Free Trade Agreement (NAFTA). In addition, Trump said that he would withdraw the United States out of the Trans-Pacific Partnership (TPP).

At the same time, will receive market players to work to watch economic news for new signs of economic recovery in the week, with advanced reading on Friday for the growth of the United States in the spotlight.

Gold was trading 0.63 per cent, or Rs 181, higher at Rs 28,806 per 10 gram at the MCX on account of buying by jewellers, retailers and industries.

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Gold Prices Under Pressure as Fed’s Yellen Set to Speak Again Gradual Rate Hikes

Gold Prices Under Pressure as Fed's Yellen Set to Speak Again Gradual Rate Hikes

Gold futures prices pressured in trade on Thursday on the dollar remained strong, hold on to the previous losses, as investors awaited additional comments from Federal Reserve Chairman Janet Yellen for new evidence about the timing of the next interest rate raise in 2017.

Gold for February delivery on the Comex Exchange slumped around $12.00, or 1%, to $1,200.50 a troy ounce.

Spot gold was down 0.1 per cent to $1,202 per ounce, after dropping to as much as $1,197.31.

The dollar index, which tracks the US currency versus a basket of currencies, up 0.3 percent to 101.230.

Federal Reserve Chairman Janet Yellen speaks again Thursday night at 8:00 pm on the economic outlook and monetary policy at Stanford University.

The Federal Reserve Chairman Janet Yellen on Wednesday as the American economy near full employment and inflation heading toward the Federal Reserve’s target of 2 per cent, it “logical” for the US central bank to raise interest rates gradually.

Federal Reserve Chairman said she and policymakers of the Federal Reserve again expect the central bank to raise the price on the main short-term benchmark “several times a year” by 2019. That pace may fluctuate depending on how the evolution of the outlook for the economy, Yallen unrelenting.

Donald Trump called on the US President to cut taxes and increase spending on infrastructure, which boosted US stocks and the dollar has seen a sell-off in Treasuries. And he led his protectionism and tweets outside slap many investors choose gold.

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Gold Futures Rises Toward 8-Week High With Trump Focus, Global Cues

Gold Futures Rises Toward 8-Week High With Trump Focus

The prices of gold toward highest level of the eight weeks on Monday, with investors waiting for more details about the Brexit plan in the United Kingdom and the inauguration of President-elect Donald Trump in the United States later this week.

Gold for February delivery on the Comex Exchange touched a session peak of $1,208.70 a troy ounce, a level not seen since Nov 23.

Globally, gold rose 0.66 per cent to USD 1,204.80 an ounce.

Concerns about the terms of Britain’s departure from the European Union stepped up in the wake of media reports that suggested that the government of Prime Minister Theresa May, who has prepared to make “a clean and hard” out of the single currency area, before a speech on Tuesday.

May said previously that it will lead to the Article 50, which begins the formal withdrawal by the European Union operation, by the end of March, but so far has given few details about what the deal it will seek.

At the same time, the international financial markets would continue to focus on the United States President-elect Donald Trump as he takes the oath, and offers his inaugural speech on Friday.

Investors will welcome any detail that might give him the promises of tax reform, spending on infrastructure and deregulation, as well as the vision of the policies in China and the local economy.

In Delhi, gold of 99.9% and 99.5% purity recovered by Rs 150 each to Rs 29,500 and Rs 29,350 per 10 grams respectively.

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Gold Futures Prices Top $1,200 Since November as Dollar Sinks after Donald Trump Press Conference

Gold Futures Prices Top $1,200 Since November as Dollar Sinks after Donald Trump Press Conference

On Thursday Gold futures prices rallied to a 7-week high, as the U.S. dollar sank after President-elect Donald Trump’s gave little clarity on future fiscal policies and cut taxes at a press briefing on Wednesday.

Gold for February delivery on the Comex Exchange touched a session peak of $1,202.35 a troy ounce, a level not seen since Nov 23.

On the Multi Commodity Exchange Gold was trading 0.18 per cent, or Rs 50, up at 28,350 per 10 gram.

It was like last at $ 1,200.65, nearly $ 4.00, or 0.3%, after the session ended on Wednesday, up $ 11.10, or about 1%.

In his first press conference as president-elect of the United States on Wednesday, Trump fails to give details about some of his economic policies, especially deregulation, low corporate taxes and fiscal stimulus, disappointing dollar bulls.

The US dollar index, which tracks the dollar’s strength against a trade-weighted basket of six major currencies, fell to its lowest level in one month from 101.01 in early trading.

Analysts said: “We expect gold prices to trade the top continuing its impetus from earlier trading session, while a weaker dollar will add support for the yellow metal.”

Trump has been credited with the winner being the major catalyst behind the exciting election day since the dollar, stocks climb, although it has not yet been determined in detail his economic policies. And officially takes office on 20 January.

It was a good support for the metal in the last sessions after the minutes of the December Fed meeting expectations of investors uneasy “about the pace of raising interest rates in the future.

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Gold Futures Holds Fresh 6-Week High on Safe-Haven Demand

Gold Futures Holds Fresh 6-Week High on Safe-Haven Demand

Gold futures prices held on Wednesday near a six-week high, as markets looked ahead at the first press conference of President-elect Donald Trump since victory in the elections later in the day, and the political uncertainty enhances the attractiveness of safe haven to them.

Gold for February delivery on the Comex Exchange touched a session peak of $1,191.00 a troy ounce, a level not seen since Nov 30.

Spot gold was up 0.1 per cent at $1,188.86 an ounce. Bullion on Tuesday reached its highest level since Nov. 30 at $1,190.46.

United States President-elect Donald Trump takes center stage in his first news conference following the elections at 11:00 am Eastern time (16: 00GMT) on Wednesday.

Investors are welcome any detail that might give him the promises of fiscal reform, spending on infrastructure and deregulation, and also a vision of policies in China and the domestic economy.

He has been credited with the winner being the major catalyst behind the big rise in the market since election day, although it has not yet been determined in detail his economic policies.

The dollar lost some of its steam relative to other currencies, while US bond yields dropped greatly for its highest level in two years, touched in mid-December.

In Delhi gold of 99.9 per cent and 99.5 per cent purity added Rs 70 each to Rs 29,100 and Rs 28,950 per 10 gram.

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Gold Prices Hovers Near 6-week Highs on Weaker Dollar, Trump News Conference

Gold Prices Hovers Near 6-week Highs on Weaker Dollar

Gold futures prices soared to its highest level in six weeks hit on Tuesday session before, amid tensions ahead of the first president-elect Donald Trump since winning the election news conference on Wednesday and with growing fears that Britain will not be a break clean with the European Union sparked buying safe haven.

Gold for February delivery on the Comex Exchange touched a session peak of $1,190.60 a troy ounce, a level not seen since November 30.

Spot gold was up 0.3 per cent at $1,184.56 an ounce. On Monday, it touched its highest since Dec. 5 at $1,185.80.

United States President-elect Donald Trump is scheduled to hold a press conference at 11:00 am ET (18: 00GMT) on Wednesday, and investors will be watching for any clues about the direction of US economic policy.

US dollar index gained, which tracks the dollar’s strength against a trade-weighted basket of six major currencies, was dropped 0.2% at 101.72 in early trading. Index dropped to its lowest level overnight of 101.48, pulling away from the highest level last week, 14-year-old from 103.82.

“With the opening of the Trump date, we expect that gold investors monitor political developments closely. and any major escalation in geopolitical tensions, higher help move the safe haven demand for bullion,” HSBC analyst.

Gold holdings fell in SPDR Trust, the largest exchange-traded fund backed by gold in the world, 1.06 per cent to 805.00 tonnes on Monday.

In Delhi Gold prices surging Rs 330 to trade at over one-month high of Rs 29,030 per 10 grams, tracking uptrend in the global bullion market.

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Gold Futures Prices Jumps to 4-Week High as Dollar Extends Losses, Technical Upswing

Gold Futures Prices Jumps to 4-Week High as Dollar Extends Losses

Gold futures prices surged to the highest level in four weeks on Thursday, as greenback climbed off its highest level in 14 years versus a basket of major currencies after the release of comments from the Fed, and a technical rebound.

Gold for February delivery on the Comex Exchange touched an intraday peak of $1,179.90 a troy ounce.

Spot gold was up 1.3 per cent at $1,178.36 an ounce. It touched a high of $1,178.62, its best since Dec. 7.

Decline in greenback index, which tracks the dollar’s strength against a trade-weighted basket of six major currencies, to as low as 101.73, its lowest level in three weeks, only two days had recorded the highest level in 14 years after 103.82. It was last at 102.17 In early Tokyo trade, down 0.3%.

Minutes from the Fed’s December policy meeting showed most officials thought the U.S. economy could can grow more quickly amidst of tax cuts and infrastructure spending under the new administration of President-elect Donald Trump thinks.

Buying from China, the biggest consumer of the yellow metal, is also supporting the recent rally.

Holdings of the SPDR Gold Trust, were unchanged on Wednesday at 813.87 tonnes.

On the Multi Commodity Exchange (MCX) were trading 0.58 per cent or Rs 161 up at Rs 27,843 per 10 gram on weak dollar.

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