Gold Futures Prices Rose 1% As Stocks, Dollar Rebound, Metals Extend Trump Rally

Gold Futures Prices Rose 1% As Stocks, Dollar Rebound, Metals Extend Trump Rally

Gold futures prices have risen sharply on Thursday, as the US dollar pulled back from its highest level in two weeks, as the world markets showed surprising increases in the wake of the presidential victory of Republican Donald Trump.

Gold for December delivery on the Comex tacked on $14.80 or 1.18%, to $1,288.50 a troy ounce.

Spot gold was little changed at $1,278.25 an ounce. The metal rose nearly 5 per cent to $1,337.40 in the previous session, its highest since Sep. 27 as US markets reacted positively to the Trump win.

Greenback was last down more than 0.2% versus a basket of major currencies at 98.44, after climbing to 98.91 overnight, the highest level since October 28.

Dollar weakness usually benefits gold, as it boosts the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies to the dollar.

Asian stocks rebounded on Thursday and entrench the dollar after the world markets made a remarkable return from the trauma of winning the Republican presidential Donald Trump, safe-haven currencies of attractive returns and dumping of of risky assets.

The broader MSCI index for shares of Asia-Pacific outside Japan, up 0.81 per cent.

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