Gold edged higher early on Thursday to hold near 7-week highs touched in the previous session, as the dollar weakened after Donald Trump provided little clarity on future fiscal policies in his first press conference as U.S. president-elect.
Gold edged higher early on Thursday to hold near 7-week highs touched in the previous session, as the dollar weakened after Donald Trump provided little clarity on future fiscal policies in his first press conference as U.S. president-elect. Spot gold was up 0.2 percent at $1,193.31 per ounce. Bullion on Wednesday touched a high of $1,198.40, its best since Nov. 23. U.S. gold futures fell 0.2 percent to $1,193.70 per ounce. In his first press briefing as U.S. 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.
Trump’s campaign calls for tax cuts and more infrastructure spending have boosted U.S. shares and the dollar, as well as driving a selloff in Treasuries, but his protectionist statements and a flurry of off-the-cuff Tweets have kept many investors from adding to risky positions.
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The dollar index, which tracks the U.S. currency against a basket of six major counterparts, was down 0.1 percent at 101.65, having hit a one-week high on Wednesday. Federal Reserve Chair Janet Yellen appears at a webcast town hall meeting with educators on Thursday. A host of Federal Reserve presidents including Philadelphia, Chicago, Atlanta, Dallas and St. Louis will also speak on a range of issues.Bank of England Governor Mark Carney said on Wednesday that Britain’s giant financial services sector could be undermined if key parts of the industry move elsewhere because of Brexit.China’s forex regulator is telling banks to keep its instructions about curbing capital outflows secret and to ensure that research analysts keep any negative views about the yuan’s prospects to themselves, several bankers said. On Thursday, the Labor Department’s import prices report is expected to show prices rising 0.7 percent in December after falling 0.3 percent in November. Meanwhile, the number of Americans filing for unemployment benefits likely rose 20,000 to a seasonally adjusted 255,000 for the week ended Jan. 7.