After President Trump’s comments yesterday about the country struggling to compete with the dollar as strong as it is, and separate positive statements he made about regularly dovish Fed Chairwoman Yellen, gold and silver prices jumped. Will a “weak dollar” Trump administration be a boon to gold investors? Carla Mozee writes at MarketWatch:
Gold, silver and prices for other metals leapt Thursday, bolstered as the U.S. dollar was shoved lower after U.S. President Donald Trump said the currency has been trading at “too strong” of a level.
June gold GCM7, +0.83% advanced $12.10, or 0.9%, to $1,287.40 an ounce, and silver for May delivery SIK7, +1.42% climbed 30 cents, or 1.6%, to $18.60 an ounce.
Those prices were pushed up while the U.S. dollar was pushed down against most rivals Wednesday after Trump told The Wall Street Journal the U.S. currency “is getting too strong” and he would prefer the Federal Reserve to keep interest rates low.
A weaker greenback tends to lift prices for dollar-denominated commodities as it makes them cheaper for holders of other currencies to buy.
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