Thursday, February 23, 2017

Gold price hits 15 week high as it crosses over $1250 for first time since just after election

On Feb. 23 the gold price rose more than $10 per ounce to cross $1250 for the first time since just before Donald Trump won the Nov. 8 Presidential election.

Prior to that election, gold had once again crossed over $1300 per ounce, something it had not done since its massive move last June following the Brexit vote in the UK.  But with the outcome of the ultimate outsider winning the highest office in the land, markets dumped gold contracts en masse which would eventually see the price fall into the low $1100's.

But since the beginning of year, both gold and silver have slowly risen, and are nearing gains of around 10% in just the first two months of 2017.

Gold prices jumped Thursday, attempting to snap a string of three declines, as the dollar lost ground to chief rivals in the wake of a fuzzier-than-expected interest-rate assessment from the Federal Reserve. 
April gold GCJ7, +1.33% rose $10.80, or 0.8%, to $1,244.10 an ounce. A close at that level would mark the highest settlement for a most-active contract since Nov. 10, 2016, according to FactSet data. Thursday’s gain picks up on an after-hours Wednesday rise and dollar decline. Some metals traders read the Fed minutes out Wednesday as casting doubt on the timing and pace in future rate increases. - Marketwatch

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