Gold price: Gold rate to surge due to Donald Trump's Inauguration?
Gold prices scaled a four-week peak on Friday and were set for their best week in seven, driven by safe-haven demand amid uncertainty over what policies U.S. President-elect Donald Trump will pursue, while markets awaited jobs data for clues on the trajectory of U.S. interest rates, as per a report.
Spot gold climbed 0.4 per cent to $2,679.65 per ounce, as of 1250 (GMT) after hitting its highest level since December 13 earlier in the session. Prices have risen by more than 1 per cent this week. U.S. gold futures rose 0.6 per cent to $2,707.00, Reuters reported.
The most bullish outcome for gold is the narrative of ballooning fiscal deficits and unsustainable debt weighing on the U.S. dollar in the longer term and causing doubts about its role as the world’s reserve currency, said Carsten Menke, analyst at Julius Baer, according to Reuters report.
Trump will take office on January 20 and has vowed to implement tariffs, which could ignite trade wars and lead to inflation.
Bullion is considered a hedge against inflation, but higher interest rates blunt its appeal as it yields no interest.
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