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Gold prices inch up as Trump travel ban sparks uncertainty

Commodities Jan 30, 2017 09:03AM ET
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© Reuters. Gold prices start the week with gains

Investing.com - Gold prices were higher in North American morning trade on Monday, kicking the week off with gains amid uncertainty over the outlook for U.S policy after President Donald Trump introduced immigration curbs that sparked criticism at home and abroad.

Gold for April delivery on the Comex division of the New York Mercantile Exchange rose $4.25, or around 0.4%, to $1,195.35 a troy ounce by 9:00AM ET (14:00GMT).

Appetite for safe-haven assets improved after Trump suspended travel to the United States from Syria, Iraq, Iran and four other Muslim-majority countries on Friday, saying the moves would help protect Americans from terrorist attacks.

The executive order led to huge protests in many U.S. cities and sparked global backlash, raising worries about the potentially destabilizing impact of Trump's policies.

Headlines from Washington will most likely continue to dictate market sentiment this week, as traders focus on Trump for further details on his promises of tax reform, infrastructure spending and deregulation as well as trade policies.

Global financial markets will be busy with central bank meetings in the week ahead, with policy decisions due in the U.S., U.K. and Japan. Investors will also keep an eye out on key economic data, with the monthly U.S. employment report in the spotlight.

Also on the Comex, silver futures for March delivery tacked on 10.6 cents, or 0.6%, to $17.24 a troy ounce.

Meanwhile, platinum was flat at $983.55, while palladium shed around 1% to $731.55 an ounce.

Elsewhere in metals trading, copper futures dipped 1.2 cents, or 0.5%, to $2.677 a pound.

Gold prices inch up as Trump travel ban sparks uncertainty
 

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