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Trump talk halts gold’s ascent

Posted by: Admin | Posted on: January 26th, 2018 | 0 Comments

The yellow metal’s ascent was halted after Trump, currently at the World Economic Forum in Davos, Switzerland, contradicted US treasury secretary Steven Mnuchin’s earlier assessment of a weak dollar being good for US international trade.

Just before 9am UK time, gold was trading at US$1,356 per ounce, down from a recent peak the day before of $1,365/oz. This is still $20/oz higher than where the yellow metal started the week at. 

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On Thursday in an interview with CNBC, Trump, who has put in place several protectionist policies since coming into the Oval Office a year ago, said the US economy was doing well and he saw the dollar getting “stronger and stronger”.

“Ultimately I want to see a strong dollar,” he said.

On Wednesday in a panel at Davos, Mnuchin said: “Obviously a weaker dollar is good for us as it relates to trade and opportunities.”

A day later, he said the short-term position of the dollar was “not a concern of mine”.

Article source: http://www.mining-journal.com/capital-markets/news/1311140/trump-talk-halts-golds-ascent

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