Gold futures add 1% as metals extend Trump soar
On Thursday, gold ascended steeply during European trading session, as the greenback pulled back from a two-week peak reached in wake of Donald Trump’s election win.
In New York, December delivery gold futures leapt 1.18%, trading at $1,288.50 per troy ounce.
The US dollar last traded +0.2% against a basket of key currencies at 98.44, having risen to 98.91 overnight, the highest value since October 28.
The greenback’s weakness usually benefits gold, because it boosts the precious metal's appeal as an alternative asset and also makes greenback-priced commodities more affordable for holders of other currencies.
Yesterday, gold futures went up by as much as 4.7% to a six-week high of $1,338.30, before dropping back to end at $1,273.50, because financial markets recovered to demonstrate surprise revenues in the wake of Republican Donald Trump's sudden presidential victory.
Besides this, December delivery silver futures surged 2.54%, hitting $18.84 per troy ounce during morning hours in London.