Gold Jumps More than 1% Ahead of Inauguration Friday

KITCO NEWS - Gold prices ended the U.S. day session solidly higher and hit a nearly two-month high Tuesday. Resurfacing worries about the U.K. leaving the European Union prompted some safe-haven demand for gold today, however, Frank Holmes, chief executive officer for U.S. Global Investors, explained that there are other factors propping up the metal. The U.S. dollar, which fell half a percent to six-week lows against major currencies, was one of them. The yellow metal jumped more than 1 percent to its highest level in nearly eight weeks on Tuesday after U.S. President-elect Donald Trump said the dollar was "too strong," sending the greenback lower. February Comex gold futures settled the day at $1,212.90 an ounce, up more than 1% on the day. Meanwhile, spot gold rose 1.1% to $1,215.90 an ounce, after touching a Nov. 22 high of $1,218.64.