MTECHTIPS:-Gold rallies to 8-week high as dollar plunges amid Trump

MTECHTIPS:-Gold rallies to 8-week high as dollar plunges amid Trump uncertainty

MTECHTIPS: Gold prices extended its recent rally to a seventh day on Tuesday, the longest stretch of gains since November, as the U.S. dollar plunged amid lingering uncertainty over President-elect Donald Trump’s economic policies. Gold for February delivery on the Comex division of the New York Mercantile Exchange touched a session peak of $1,218.90 a troy ounce, a level not seen since November 22. It was last at $1,215.05 by 9:00 AM ET (14:00 GMT), up almost $19.00, or 1.6%. Markets in the U.S. were closed Monday for a public holiday. The U.S. dollar collapsed to a five-week low against a basket of major currencies after President-elect Donald Trump warned that the greenback was “too strong,” according to a report in the Wall Street Journal on Monday. Anthony Scaramouch, a senior member of Donald Trump’s economic advisory council, reiterated that sentiment on Tuesday, warning about the risk from a stronger dollar. Meanwhile, Trump warned that the border adjustment provision, a feature of House Republicans’ plan that would tax imports and exempt exports, is “too complicated.” The comments added to growing uncertainty over U.S. economic policy ahead of President-elect Donald Trump’s inauguration later this week

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