London — Gold retreated from six-week highs on Wednesday as the stronger dollar undermined confidence, but investor buying interest due to political uncertainty is seen supporting prices this year. Spot gold was down 0.4% at 1,182.71 an ounce at 2.43pm GMT from an earlier peak of $1,191.32, the strongest since November 30. US gold futures gained 0.2% to $1,183.2. The trigger for early gains was nervousness ahead of US President-elect Donald Trump’s first formal news conference at 4pm GMT. Investors will focus on what Trump has to say about trade, relations with China and plans for the economy. "Trump’s upcoming news conference seems to be the main highlight of the day and the dollar is said to be moving up on account of this," said INTL FCStone analyst Edward Meir. Analysts say elections over the course of the year in France, the Netherlands and Germany are likely to create political tensions in the European Union and support gold. "The uncertainty surrounding Brexit could lead to f...
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