Gold prices head north in Asia

On Wednesday, gold prices soared with the focus on policymaker remarks this week in America, led by the next American president.

In New York, February delivery gold futures grew 0.11%, trading at $1,186.75 per troy ounce. As for copper futures, they inched up 0.23%, hitting $2.617 pound.

Overnight, gold prices went up to a six-week peak, amid jitters ahead of Donald Trump’s first news conference since his election win.

On Wednesday, Donald Trump is expected to hold a press conference, which market participants are going to monitor for any hints regarding the probable direction of economic policy.

During recent trading sessions, gold has been well-supported after minutes from the major US bank’s gathering unsettled traders’ hopes for the pace of future interest rate lifts.

A delay in increasing interest rates would be considered to be positive for gold and negative for the greenback.

The greenback’s weakness normally benefits the number one precious metal because it spurs its appeal as an alternative asset and also makes greenback-priced commodities more affordable for holders of other currencies.

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