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Updated 10:00 26/10/20

Nerves over Trumponomics sends gold to two-month high

By Adam Pike, News Editor

24 Jan 2017

The gold price denominated in U.S. dollars reached a two-month high yesterday as investors reacted to increased economic and geopolitical uncertainty. The yellow metal has advanced by 6% since the turn of the year, but is down over $120 per ounce since Donald Trump won the race to the White House.

Bears are betting that Trump will inject a new lease of life into the American economy, leading to higher interest rates and a stronger U.S dollar. The bulls on the other hand believe that Trump will increase government spending, triggering a stampede into gold bullion.

Overnight Trump followed through with his campaign promise to withdraw the country from the Trans-Pacific Partnership. The dollar immediately weakened against a basket of the world’s leading currency pushing the value of gold to a fresh two month high. Sterling hit a five-week high of $1.245.
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