Gold prices have surged to the highest level since the US Presidential election in November
Gold has surged today, surpassing $1,250 for the first time since the week of Donald Trump's US election win in November.
Prices for the yellow metal jumped to $1,260.40 per ounce, up $9 or 0.72 per cent this morning, while spot gold prices increased to $1,260.19 in the afternoon.
The safe haven asset is attracting investors amid fresh uncertainty over Trump's policies and European elections.
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"The $1,250-1,260 level is big for gold, and should we see it break beyond here then we could well be headed back towards $1,300, a move that looked incredibly unlikely only two months ago but one that has been spurred on by the ever-worrying political risk environment," said Craig Erlam, analyst at Oanda.
Mikael van Dulken, Accendo Markets analyst, said: "Gold broke out yesterday from $1,239 week-long resistance and $1,243 February resistance to notch a fresh three-month high of $1,254 overnight, while also keeping alive a bullish flag pattern that could take the precious metal’s price to $1,280.
"Having come about following a sharp dollar devaluation yesterday, the greenback will very much be in focus for investors in the safe-haven asset."
The dollar slid after the release of the Federal Reserve's minutes this week, which hinted that it may be time to raise US interest rates again – “fairly soon” – if jobs and inflation continue to meet expectations.
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