Gold soars on the uncertainty of Trump's economic plans
As the US president-elect, Donald Trump's joining day is coming closer,
Gold has again started rising high on Monday. As this is considered as a
safe haven amid such a sort of uncertainty over US policy changes and
concerns over BREXIT.
As the US president-elect, Donald Trump's joining day is coming closer, Gold
has again started rising high on Monday. As this is considered as a
safe haven amid such a sort of uncertainty over US policy changes and
concerns over BREXIT.
Gold Spot rose 0.5% to $ 1,203.10 per ounce by 02:43 GMT. Whereas, US
gold futures was also up about 0.6% at $ 1,203.60 per ounce.
Gold Spot is facing strong resistance near $ 1205 - $ 1210 range and it
may hover below that or crack towards the support level of $ 1172,
according to Reuters' technical analyst, Wang Tao.
"Buying shows that people are looking ahead this week to Trump's
joining and discussions on Brexit. There is a lot of uncertainty moving
forward," Brian Lan, MD of Singapore-based gold dealer, Gold Silver Central, said ."On the physical side, people are expecting good demand from China ahead of the Chinese New Year," he added.
It would be interesting to see what Donald Trump comes up with post his
joining on Friday. Till then Gold is likely to remain a safe haven for
the investors.
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