MTECHTIPS:-Gold prices gain in U.S. as global trade in focus

MTECHTIPS:-Gold prices gain in U.S. as global trade in focus

MTECHTIPS- Gold prices gained in the U.S. on Monday as concerns on the future of the global trade regime sparked risk caution after President Donald Trump moved to stamp a new set of policies, including a proposed border tax on imports. Gold for February delivery on the Comex division of the New York Mercantile Exchange rose 0.83% to $1,214.95 a troy ounce. Also on the Comex, silver futures for March delivery gained 0.87% to $17.197 a troy ounce. Copper futures rose 0.76% to $2.645 a pound. Overnight, gold prices were sharply higher during North American morning trade on Monday, rising to the strongest level in about two months as the U.S. dollar sank amid uncertainty around the economic policies of new U.S. President Donald Trump. The U.S. dollar index dollar sold off amid disappointment that U.S. President Donald Trump’s inauguration speech on Friday proved light on detail over his plans for economic stimulus. Trump addressed U.S. manufacturing executives with a repeated promise to impose a border tax on firms that import products into the United States after moving American factories overseas and announced the country had abandoned the Trans-Pacific Partnership trade pact among a dozen nations. Trump’s promises of tax cuts and higher federal spending continue to hold the market’s attention, but details are sparse.

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