Gold in Yen Higher Than USD As Trump, Abe MeetBy Sarah Benali of Kitco News
Friday February 10, 2017 13:48
(Kitco News) - Gold prices moved higher leading into President Donald Trump and Japanese Prime Minister Shinzo Abe’s press conference on Friday, especially gold priced in Japanese yen.
According to Kitco’s currency charts, spot gold priced in USD last traded at $1,235.40 an ounce, down 0.01%; meanwhile, gold in yen terms traded at ¥139,909.05 an ounce, up 0.18% on the day.
However, despite the price discrepancy, one analyst said he’s still rooting for gold in dollar terms, attributing the difference in prices for bullion to a weaker Japanese currency.
“I would buy in USD than the weaker Yen,” noted Todd ‘Bubba’ Horwitz, chief strategist at bubbatrading.com, in an email to Kitco News. “Gold is weaker against the dollar but strong like a bull right now.”
Gold prices have seen a boost this year, especially since President Trump took office. The uncertainty surrounding what a Trump administration will mean for the U.S. economy, the U.S. dollar and geopolitical issues abroad have all helped boost safe-haven gold. April Comex gold futures last traded at $1,236.60 an ounce, up 1.29% on the week. Bullion prices are up 7% year to date.
During the press conference, Trump assured the public of his commitment to work closely with Japanese Prime Minister Abe throughout his presidency, calling America’s alliance with Japan “crucial.”
“The bond between our two nations and the friendship between our two peoples runs very, very deep,” he said. “This administration is committed to bringing those ties even closer.”
Abe will be staying in the U.S. over the weekend, where Trump will host him in Florida. After meeting Britain Prime Minister Theresa May, Abe is the second foreign leader Trump meets since taking office.