President Trump has set forth policies deemed questionable by others. However, the price of gold and gold futures continue to rise. This gain is the fastest gold has gone up since back in June.
With the uncertainty of whether or not U.S trade agreements will remain the same, it has made gold more desirable. Precious metals are rising in price as the country sits on pins and needles as President Trump states more policies that could affect interest rates.
April’s gold futures came in at $1,211.40 an ounce, raising it another 1.3 percent. So far gold has gone up 5.2 percent in the month of January, making it biggest leap since last June when Britain departed from the European Union.
Officials are set to make their decision on rate hikes this coming Wednesday.
According to David Govett who heads the trading of precious metals at Marex Spectron, gold should remain stable if Trump continues to stand behind his immigration policies.
Jefferey Halley is a senior market analyst at the Oanda Corporation in Singapore. He says with the market remaining unpredictable at the moment, it helps keep equities and the dollar low. He also adds that Trump is the first president to enact every promise he’s made to the electoral college. So things should continue to look up for the market and gold futures.
News For Other Precious Metals:
Silver futures went up 2.8 percent making it $17,635 an ounce; the highest silver has been since back in November.
One thing that silver investors can take from the recent hike in silver is the fact that it should continue to go up. The precious metal is picking up momentum in February and should continue for future months. Though January was a great month for silver, it’s looking as if the white metal has a great year to look forward too.
According to the New York Mercantile Exchange, there has been a rise in futures for palladium and platinum as well.