Gold prices are pushing higher to another two and a half month high in early U.S. trading Monday.
Although gold prices hit record lows since the Trump-win back in November on optimistic trend followed by investors and trend of a growing economy striking records high in stock markets, that’s all over now, the safe haven gold is back and surging.
Gold is expected to rise at least 6 percent at the end of 2017 due to concerns about policies of the U.S. President Donald Trump as he already caused international waves by his executive order to ban entry from seven Muslim-majority countries.
April Comex gold inched up $9.40 at $1,230.20 an ounce. March Comex silver was up $0.141 at $17.60 an ounce.
On Friday, Trump took action to sweep the Dodd-Frank banking regulations. Later this week Trump meets with Japanese Prime Minister Shinzo Abe. The new U.S. president’s “loose cannon” approach to running the U.S. has many world market participants anxious, and that’s bullish for gold.
Last week on Friday, the Labor Department reported more-than expected number of jobs created in January.
The U.S. dollar index is slightly higher after hitting 8-weeks low late last week despite the strong U.S. jobs data.