Gold's Rally Gets Booster Shot as Trump Picks Doves for the Fed
- Bullion supported by expectations for easing as data weaken
- Prices above $1,400 suggest demand is strong, OCBC’s Lee says
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Gold held its rally on a cocktail of positive drivers including weak macroeconomic data, sinking Treasury yields and expectations for fresh easing from the U.S. Federal Reserve.
Bullion held above $1,400 an ounce and rose to the highest since May 2013 ahead of a U.S. holiday Thursday. Donald Trump has tapped two economists to the Fed’s board who are both seen as likely to support the president’s call for lower interest rates. Meanwhile, weaker than expected U.S. payrolls and service industry data overshadowed a decline in jobless claims.