Gold futures surged Wednesday to their highest in a year as the Trump Administration continued to express happiness with a weak U.S. dollar.
Treasury Secretary Steven Mnuchin, at the World Economic Forum in Davos, said a weaker greenback “is good for us as it related to trade and opportunities.
The buck dropped to its lowest in 3 years and could weaken further, according to analysts at IIF, who estimate that the U.S. dollar may be overvalued by up to 10%.
Feb. gold jumped $19.60, or 1.5%, to settle at $1,356.30/oz.
Existing home sales in the U.S. pulled back by more than anticipated in the month of December, according to a report released by the National Association of Realtors on Wednesday.
NAR said existing home sales tumbled by 3.6 percent to an annual rate of 5.57 million in December after jumping by 5.1 percent to a revised 5.78 million in November.
The material has been provided by InstaForex Company – www.instaforex.com
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