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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