Gold rises on Trump uncertainty, Brexit concerns

Gold rises on Trump uncertainty, Brexit concerns

The Canadian dollar climbed almost two-thirds of a USA cent amid higher oil prices and comments from president-elect Donald Trump about the US dollar.

Nervousness ahead of a speech from U.K.'s May have this week been a driver for gold buying, weighing on equities across the globe and the US dollar.

Gold is now up just shy of 5% in January, but is still trading down $130 an ounce from an initial but brief surge on election night as results showed a likely victory for Donald Trump in the presidential race.

Gold prices though have rebounded in 2017 so far and are up 5.6%, against the more modest gain of 0.4% for the Dow and the 1.4% rise for the S&P 500.

In an interview with the Wall Street Journal, US President-elect Donald Trump broke the tradition of presidents refraining from commenting on the USA dollar's level and went directly into it. "And it's killing us", in remarks published on the Wall Street Journal's website on Monday. She will set out 12 priorities for talks with the European Union, her office said, and media reports said these would include an indication she is prepared for Britain to leave the bloc's single market.

The U.S. dollar dipped after Donald trump raising a red flag over the currency's rise.

Spot silver was up 0.3 percent at $16.84 an ounce on Tuesday. MSCI's benchmark index of global stocks fell 0.2 percent. There are other things going on in the world too, after all.

Comex February gold rose $US16.70, or 1.4%, to settle at $US1,212.90 an ounce-the highest finish since November 17. Trump, revisiting a well-worn argument, said that the strong dollar came in part due to China holding its currency, the yuan, down.

"The current Dollars correction could continue for a few more days as positioning clears out, but we believe this will ultimately create opportunities for FX investors".

Commenting on the state of the oil market, BP's chief executive Bob Dudley said his company was gearing up to manage its books on a $55 per barrel oil price.

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