Gold at 7-week high as dollar falls after Trump speaks

Reuters/Marcy Nicholson and Pratima Desai/01-11-17

Gold rose to a seven-week high on Wednesday, turning positive as the dollar dropped and Treasury yields fell after U.S. President-elect Donald Trump spoke in his first formal news conference just days before taking office.

…”At the lows of the session, gold received a much-needed ‘Trump bump’ when the president-elect triggered an equity and dollar selloff,” said Tai Wong, director of base and precious metals trading for BMO Capital Markets in New York.

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