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Gold hits two-week high, dollar dips

01/10/2017

The price of goldrose, and the dollar dipped, today as traders awaited a Wednesday press conference by President-elect Donald Trump.

Gold settled at $1187.40, up 0.20% on Tuesday. That's an increase of $2.40.

The dollar/euro pairing was down by 0.12%, settling at 1.0559. The pound/dollar pairing was up 0.04%, settling at 1.2165. The dollar/yen pairing settled at 115.69, down 0.27%.

President-elect Trump has set a press conference for Wednesday. Investors are concerned that Trump may roil world markets by taking a tough stance on China, trade policy, and Mexico.

Trump announced the appointment of his son-in-law Jared Kushner as a senior White House aide, and Kushner, husband of Ivanka Trump, is expected to sit on the president's Executive Committee, which will also include the Chief of Staff Reince Prebius, counselors Kellyanne Conway, and Steve Bannon. All of them support tough policies on immigration and China, as well a trillion dollar spending plan for domestic infrastructure.

During confirmation hearings at the Senate on Tuesday, Gen. John Kelly, for Secretary of Homeland Security, the former military leader told Sen. John McCain, in response to questioning, that Trump's plan to build a wall on the southern border of the U.S. to secure the country from illegal aliens and illegal drugs would be part of a "layered approach" to homeland defense.

The general said drones and aircraft and men on the ground would also be used in addition to the wall, and foreign policy agreements with countries as far south as Peru would be needed to dampen the flow of illegal emigres and cocaine, heroin, and other illegal narcotics.