Gold Rallies As Dollar and Stocks Lose Ground After Trump’s Remarks
Jan, 11th 18:44
Gold rose to the highest level since November 23, 2016 as U.S. stocks and the dollar lost ground following comments from President-elect Donald Trump.
Gold for February delivery jumped around 0.8% to $1198.13 an ounce on Wednesday, heading for a settlement record in more than one month and a half. Prices looked set for the third consecutive session of closing higher after having settled at $1,185.50 Tuesday for their highest finish since Nov. 29.
The U.S. Dollar Index DXY, which tracks the currency against six rivals, shed more than 0.5% to trade at 101.50. The precious metal is inversely influenced by moves in the dollar, therefore, gold prices moved higher in the wake of a softening greenback, which makes it more affordable for buyers using other monetary units. Meanwhile, U.S. shares pared early gains, spurring demand for safe-haven assets.
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