Categories: General Market Commentary / Precious Metals
Topics: General Market Commentary / General Precious Metals

Gold close to 4-week high on weaker dollar, surging demand

Gold close to 4-week high on weaker dollar, surging demand

Gold prices pushed higher Wednesday hitting an almost four-week high thanks to a weaker dollar and increased physical demand from major consumers China and India.

The spot price for the precious metal rose to its highest since Dec. 9 at $1,167.83 an ounce and was recently up 0.2% at $1,164.60 an ounce on the Comex division of the New York Mercantile Exchange, on track for its second straight day of gains. US gold futures climbed $3.80 to $1,165.90 an ounce.

Analysts expect that uncertainties, such as Donald Trump’s first few months as President of the US and upcoming elections in some European countries will boost gold prices as investors seek safe-havens.

The price recovery comes ahead of a 2pm ET release of minutes from the Federal Reserve’s December policy-setting meeting, which could deliver more hints on what to expect this year in terms of monetary policy.  At the meeting, officials said they would hike interest rates by a further 0.75 percentage point over the course of 2017.

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