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Gold Surges Above $1,200 as Details-Shy Trump Weighing on Dollar

  • Traders remain uncertain on the president-elect’s policies
  • Metal is up about 4% this year on demand for haven assets
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Photographer: Akos Stiller/Bloomberg
Updated on

Gold futures rallied to a seven-week high as investors flooded back into funds backed by the metal and the dollar declined in the aftermath of Donald Trump’s press conference that provided little detail on his economic stimulus plans.

The metal on Thursday rose above $1,200 an ounce for the first time since late November as exchange-traded holdings jumped by the most since the day after the election. The U.S. currency fell against most of its major peers, dropping 0.8 percent against the Japanese yen.