On Tuesday, Gold rose to its highest in over one month maintained by a weaker US Dollar and fears that Britain will not have a clean break with the EU strengthened safe haven buying. Gold advanced by 0.3% to $1,184.00 an ounce, with demand forecast to rise ahead of Chinese New Year.
Holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell by 1.06% to 805.00 tons on Monday, while according to CNBC, Auryn Resources Inc said that Goldcorp Inc, the world’s third-largest Gold producer by market value, would buy a stake in the Canadian exploration company for C$35 million ($26.49 million), sending its shares up nearly 15%.
As Trump’s inauguration date nears, Gold investors are suspected to monitor political developments more closely.
“Traders are wary ahead of a media briefing,” said Naeem Aslam, chief market analyst in London at Think Markets U.K. Ltd. They “want to play safe and the yellow metal provides them this safety.”