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MTECHTIPS;-Gold rallies to 6-week high ahead of Trump news conference

Tuesday, January 10, 2017 23:17
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MTECHTIPS;-Gold rallies to 6-week high ahead of Trump news conference

 

MTECHTIPS- Gold prices rallied to a six-week high on Tuesday, amid jitters ahead of President-elect Donald Trump’s first news conference since his election victory on Wednesday. Gold for February delivery on the Comex division of the New York Mercantile Exchange touched a session peak of $1,190.60 a troy ounce, a level not seen since November 30. It was last at $1,189.05 by 10:15 AM ET (15:15 GMT), up $4.25, or about 0.4%, after gaining $11.50, or around 1%, on Monday. U.S. President-elect Donald Trump is to hold a press conference at 11:00 AM ET (18: ) on Wednesday, which investors will be watching for any hints about the possible direction of economic policy. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.2% at 101.72 in early trade. The index fell to an overnight low of 101.48, pulling further away from last week’s 14-year high of 103.82. Gold has been well-supported in recent sessions after minutes from the Federal Reserve’s December meeting unsettled investors’ expectations about the pace of future interest rate hikes. A delay in raising interest rates would be seen as positive for gold, a non-interest-bearing asset, and negative for the dollar. 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. The Fed had indicated in December that at least three rate increases were in the offing for 2017, according to a forecast of interest rates from members of the central bank, known as the dot-plot

 

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