Gold Price And Financial Markets Volatile As Trump Provides No New Info On Economic Policies

New York (Jan 11)  Gold and financial markets saw strong volatility as President-elect Donald Trump held his first press conference since July and his first since winning the November election.

According to some analysts, the U.S. dollar, and equities sold off, supporting gold prices as Trump provided no new details on his economic and fiscal policies. Near the start of Trump’s press conference, gold futures rallied nearly $10 as result of falling U.S. 10-year yields and a weaker U.S. dollar and equities.

Since wrapping up the press conference, gold has managed to hold on to some of its recent gains; February gold futures last traded at $1,187.50 an ounce, up 0.16% on the day.

“I think markets were really wanting information on what the economy is going to look like in 2017 and they didn’t get that,” said Phillip Streible, senior market analyst at RJO Futures. “Without a clear idea on economic growth, I think equities will continue to suffer, which is why I am bullish on gold.”

Source: KitcoNews