Gold Futures Rally To 7-week High Near $1,200 An Ounce

Gold futures rallied Wednesday, with the price climb gaining steam in the last hour before the settlement. The metal found support as the U.S. Dollar Index turned lower and the stock market saw some pressure in the wake of President-elect Donald Trump's news conference. Trump's press conference "was a sign of things to come, with his hyperbolic, unpredictable style bringing volatility to investment markets," said Brien Lundin, editor of Gold Newsletter. "Gold will react positively to the uncertainty Trump creates, but only over very brief periods." February gold rose $11.10, or 0.9%, to settle at $1,196.60 an ounce--the highest settlement since Nov. 22, according to FactSet data.

Copyright © 2017 MarketWatch, Inc.