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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