Gold rises to 7-week high
BENGALURU. — Gold rose to a seven-week high yesterday on a weaker dollar after US president-elect Donald Trump provided little clarity on future fiscal policies at a press briefing.
Spot gold was up 0,4 percent at $1 196,06 per ounce, after touching a high of $1 198,58, its best since November 23.
US gold futures fell 0,2 percent to $1 193,70 per ounce. In his first press briefing as US president-elect, Trump presided over a wide-ranging session that lasted longer than expected but contained no details on tax cuts and infrastructure spending, analysts said.
“There is some kind of uncertainty in Trump’s policies and the dollar’s upside is also being questioned by the markets,” Argonaut Securities analyst Helen Lau said.
“We need more positive development in US economic fundamentals before the dollar can go higher,” Lau said, adding that the markets were disappointed in Trump’s speech.
Trump’s campaign calls for tax cuts and more infrastructure spending have boosted
US shares and the dollar, as well as driving a sell-off in treasuries, but his protectionist statements and a flurry of off-the-cuff tweets have kept many investors from adding to risky positions.
The dollar index, which tracks the US currency against a basket of six major counterparts, was down 0,3 percent at 101,470, having hit a one-week high on Wednesday.—