Gold price surges

London (Jan 28)  Gold prices edged up, recovering from a fall of as much as over 1 percent from 1-1/2-year highs in the previous session after U.S. President Donald Trump backed a strong dollar.

Spot gold rose 0.3 percent to $1,350.86 per ounce at 0126 GMT. The precious metal has gained 1.5 percent so far this week.

Spot gold rose to 1,366.07 on Thursday, the highest since Aug. 3, 2016. But, reversed gains after Trump told CNBC in an interview in Davos, Switzerland that he wants to see a strong dollar.

U.S. gold futures were down 1 percent at $1,348. Trump´s comment was a contradiction to comments made previously by Treasury Secretary Steven Mnuchin one day earlier

The dollar index , which measures the greenback against a basket of currencies, hit its weakest since Dec, 2014 at 88.438 on Thursday.

TheNews