Gold prices rise - time to sell?

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Gold prices rise - time to sell?

Gold inches up on weaker dollar and uncertainty over Trump policy

By Reuters

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Published: Mon 30 Jan 2017, 10:20 AM

Last updated: Mon 30 Jan 2017, 12:34 PM

Gold prices edged up on Monday on a weaker dollar and as uncertainty over US policy under President Donald Trump stoked safe-haven demand, although gains were curbed with many in Asia on holiday for the Lunar New Year.
Spot gold had risen 0.18 percent to $1,193.31 per ounce by 0526 GMT, while US gold futures were up 0.39 percent at $1,192.8.
The dollar index, which measures the greenback against a basket of currencies, was down 0.3 percent at 100.260.
Trump's administration on Sunday tempered a key element of his move to ban entry of refugees and people from seven Muslim-majority countries in the face of mounting criticism even from some prominent Republicans and protests that drew tens of thousands in major American cities.
"We've seen a rise in the amount of safe-haven buying in the past few weeks around the critical uncertainty in the U.S. and Europe, and the executive order signed by Trump has raised the uncertainty even higher," said ANZ analyst Daniel Hynes.
Trump's protectionist statements and a lack of detail on policy have led some investors to opt for gold, which is often seen as an alternative investment in times of geopolitical and financial uncertainty.
The upturn in safe-haven buying comes at a time when physical demand has been sapped due to the Lunar New Year holiday in Asia, Hynes added.
The market for the precious metal has also been supported by sluggish U.S. economic data released on Friday.
 
 


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