Investing.com – Gold prices was hovering at four-month highs on Wednesday, as the U.S. dollar broadly weakened amid mounting concerns regarding the global ramifications of U.S. President Donald Trump’s protectionist agenda.
Comex were up 1.14% at $1,352.10 a troy ounce by 08:30 a.m. ET (12:30 GMT), the highest since since September.
The greenback came under broad selling pressure after White House officials on Tuesday said that President Trump was planning on using his speech at the World Economic Forum in Davos on Friday .
Such policies include a potential withdrawal from the North American free-trade agreement and disavowing the global climate change accord.
The dollar only briefly rebounded after Congress on Monday to fund the government for around three weeks and President Donald Trump signed the bill, ending the three-day government shutdown.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.59% at a fresh three-year low of 89.35.
Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.
Elsewhere on the Comex, jumped 2.20% to $17.29 a troy ounce.
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Source: Investing.com
