MW: Gold jumps back above $1,200 for first time since November
Gold prices on Thursday climbed back above the $1,200 mark for the first time since November, as the dollar fell on disappointment that President-elect Donald Trump didnâ€™t provide more details on his economic plans at a closely watched press conference.
Gold for February delivery GCG7, +0.62% rose $8.50, or 0.7%, to $1,205.10 an ounce, setting it on track for its highest settlement price since Nov. 22. The metal has now risen in seven out of the last eight sessions.
â€śThe weakness of the dollar continues to help the recovery in gold,â€ť said Richard Perry, market analyst at Hantec Markets, in a note.
â€śA close back above $1,200 today would also be a key psychological breakthrough for the bulls... If resistance between $1,200/$1,211 can be breached, there is little reason why a pullback towards $1,241/$1,250 cannot be seen,â€ť he added.
The ICE Dollar Index DXY, -0.71% slid 0.7% to 101.02, trading around its lowest level in about a month. The sharp dollar drop came after Trump in his first full-scale press conference since July offered little details on his administrationâ€™s plans for economic stimulus, trade policy and tax reforms, but instead focused on railing against news outlets. Investors had hoped for more clarity on his policies to keep the dollar and stock rally going.
Other metals were lifted by the dollar weakness. Silver for March SIH7, +0.67% was up 0.7% to $16.95 an ounce, while copper for the same month HGH7, +0.63% jumped 1.6% to $2.65 a pound.
Palladium for March PAH7, +0.68% climbed 0.7% to $759.40 an ounce, and April platinum PLJ7, +1.65% gained 1.5% to $991.20 an ounce.