MTECHTIPS;-Gold rises toward 8-week high with focus on May, Trump

MTECHTIPS;-Gold rises toward 8-week high with focus on May, Trump

Gold prices rose toward an eight-week high on Monday, as investors await more detail on the U.K.’s Brexit plan and the inauguration of President-elect Donald Trump in the U.S. later this week. Gold for February delivery on the Comex division of the New York Mercantile Exchange touched a session peak of $1,208.70 a troy ounce, a level not seen since November 23. It was last at $1,202.65 by 9:25 AM ET (14:25 GMT), up almost $7.00, or 0.6%. Trading is likely to be quiet because U.S. markets are closed for Martin Luther King Jr. Day. Worries about the terms of Britain’s departure from the European Union intensified following media reports that suggested Prime Minister Theresa May’s government was prepared to make a “clean and hard” exit from the single currency region, ahead of her speech on Tuesday. May has previously stated she will trigger Article 50, which starts the formal withdrawal process from the European Union, by the end of March, but so far has given few details about what deal she will be seeking. Meanwhile, global financial markets will continue to focus on U.S. President-Elect Donald Trump as he takes the Oath of Office and offers his inaugural address on Friday. Investors will welcome any detail he may give on his promises of tax reform, infrastructure spending and deregulation, as well as insight regarding policies on China and the domestic economy

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