Investing.com - The price of gold and silver rose today on Wall Street, bolstered by comments about the strong dollar by President-elect Donald J. Trump. Gold settled at $1215.50 today, up 1.61%.
Silver settled at $17.20, up 2.62%.
Trump had said in an interview with a leading financial daily that the greenback was too strong, as compared to the Chinese currency, the yuan, and that a lower dollar would be quite helpful to manufacturers in the U.S. who sought to export goods made in the U.S. overseas.
Quite often, gold is seen as an alternative when faith in the dollar and other investments wanes. That seems to be the case today.
The remarks on the dollar are also being interpreted in light of Trump's comments on possible protectionist moves, like a tax on imports, to the U.S. from Mexico or China.
Weighing against the rise of gold were remarks by U.K. Prime Minister Theresa May, who said the U.K. is definitely leaving the European Union, as a result of last summer's referendum on the matter.
Investor demand for gold is further indicated as holdings of the largest physically-backed ETF, New York's SPDR Trust rose recently.
Credit Suisse (SIX:CSGN) said in a note to investors it remained "constructive" on gold prices, forecasting an average of $1,338/oz in 2017.