Gold Prices Head for Fourth Weekly Gain before Trump’s Inauguration
On Friday, prices for gold remained steady against a weaker dollar and headed for the 4th weekly gain. Investors are eagerly waiting as Donald Trump readies to take over as a president of the United States of America on 20th January, 2017.
Spot gold rose to $1205.43 per ounce, up by 0.1% whereas US gold futures rose to $1205.20 per ounce, up by 0.3%.
The reinforced data on better-than-expected-jobs and housing, it is quite clear that the economy in the US is robust enough for rate rises. The fact that the investors are eagerly awaiting for Trump to take office on Friday is mostly because of the fact that, his promises of infrastructure spending and tax cuts have increased the demand for gold.
Also, the European Central Bank continued its adherence to easy monetary policy on Thursday also and asked economic powerhouses like Germany to remain patient with the bloc slowly regaining its economic wealth.
A report by Reuters stated that AngloGold Ashanti is planning to lay off around eight hundred workers after talking with the union at its South-African operations. Also in the year 2016, the number of workers killed in South African mines fell from 77 to 73.
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