Bengaluru — Gold prices rose on Friday to remain on track for their fourth consecutive weekly gain, buoyed by a weaker dollar ahead of the inauguration of US president-elect Donald Trump later in the day. Spot gold was up 0.3% at $1,207.80/oz by 3.15am GMT, while US gold futures climbed 0.5% to $1,207.50/oz. "There is a bit of safe-haven buying ahead of Trump’s inauguration," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. Trump’s protectionist statements, with mixed promises of tax cuts and infrastructure spending, have increased demand for gold as a safe-haven. The metal has risen more than 7% since dropping to its lowest in more than 10-and-a-half months in December. Spot gold could approach resistance at $1,219/oz again as it failed to break support at $1,196, said Reuters technical analyst Wang Tao. Better than expected jobs and housing data reinforced the view that the US economy is sufficiently robust to warrant rate rises, turning back recent falls f...
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