Gold News & Info

Source:Bill Musgrave, American Gold Exchange

Austin— Gold gained 0.9% to close at a seven-week high near $1,197 as Donald Trump's first press conference since last July pressured the dollar and spurred demand for safe havens.

Trump remained vague on details about his fiscal and economic policies, adding to uncertainty in financial markets about how he will follow through on campaign promises to cut taxes and regulations while vastly increasing government spending on infrastructure.

In addition, the president-elect had to spend time on controversial topics that did little to calm markets. While admitting for the first time that Russia hacked the DNC to tamper with the election, he denied allegations that it has compromising material about him that might influence his decision-making. Pressed on conflicts of interest, he defended his decision to hand over control of this business empire to his sons rather than place it in a blind trust.

In the weeks following the election, stock markets rallied to record highs and the dollar pushed to its highest level in 14 years on speculation that Trump's polices will spur growth and inflation. Both rallies have since stalled as the initial euphoria settled and details have been in short supply.

The dollar fell as much as 0.5% after Trump's comments, while U.S. Treasury bond rallied across the board on flights to safety. A weaker dollar supports gold by making it less expensive overseas.

Also helping gold, oil prices jumped 3.3%, the most in a month, on the falling dollar and news that Saudi Arabia cut exports to Asia. Gold often trades in sympathy with oil as a hedge against energy-related inflation.

The other precious metals finished lower, with sliver slipping 0.1% while platinum and palladium dropped 0.7% and 1.5%, respectively.

At the Comex close: February gold gained $11.10 to $1,196.60; March silver dipped 2 cents to $16.83; April platinum dropped $6.40 to $976.40; and March palladium lost $11.35 to $753.90 an ounce.