Gold futures climbed for a fifth-straight session on Wednesday as geopolitical uncertainty kept prices at their highest settlement level in about 13 weeks.
April gold GCJ7, -0.56% rose $3.40, or 0.3%, to settle at $1,239.50 an ounce—the highest finish since Nov. 10, according to FactSet data.
Market participants attributed the latest run, at least in part, to persistent uncertainty about President Donald Trump’s political agenda.
Analysts at The 7:00’s Report said that for gold, three things bear watching: the dollar, interest rates and sentiment toward stocks.
The yield on the long bond has declined, the dollar has weakened and stocks have struggled. “If these three trends continue, gold will be able to sustain further gains, but if markets begin to shift back into Trump-on, that will be a headwind for gold prices,” they said.