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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