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Gold prices in 2017 are off to an exceptional start. After last week's strong performance, the gold price has answered with an encore this past week.
While stocks, oil, and the dollar endured volatility, gold prices steadily climbed higher throughout the week.
There's little doubt that the inauguration of Donald Trump has had a lot to do with gold's strength over the past few weeks. Americans – and much of the rest of the world – know very little about what Trump's plans are, much less what he will actually do.
He's made all kinds of noise about tax cuts, import duties, renegotiating or scrapping trade deals, and possibly even aggressive geopolitical stances.
But one of Trump's concerns is the U.S. dollar. And one recent statement he made on the dollar could start a bull run for gold prices in 2017.
Before we get to that, here's why the price of gold is up this week…
Gold Prices in 2017 Continue Winning Streak This Week
After spending the previous trading week climbing steadily towards $1,190, the gold price refused to step back.
It ended Friday, Jan. 13, near the important $1,200 mark, closing out the day at $1,197.
On Monday, Jan. 16, gold prices rose above $1,200 for the first time since Nov. 22. And they weren't looking back as they stayed above that level all day. The gold price closed at $1,202 for a 0.4% gain.
More on Gold Prices: Our Forecast Shows an Incredible 451.4% Gain for Gold
Tuesday saw the price of gold surge in pre-market trading to $1,216, but it opened lower at $1,210. Nonetheless, buyers maintained the upper hand and the precious metal managed to close up 1.2% at $1,216.
Meanwhile, the U.S. Dollar Index (DXY) sold off, losing about 150 basis points from late Monday to late Tuesday…
Gold prices saw a small reversal on Wednesday, Jan. 18, as the dollar regained some strength. Prices opened at $1,211, then dropped from midday onward to close at $1,204. That marked a 0.6% drop on the day.
On Thursday, the price of gold remained in a sideways range. It temporarily dropped below $1,200 to $1,197 at 9 a.m. By early afternoon, gold prices had regained $1,200 and managed to settle at Thursday's close of $1,204.
As of 10:15 a.m., the gold price today (Friday, Jan. 20) is up 0.2% and trading at $1,204. It's on track for a weekly gain of 0.6%.
But the biggest news for gold prices this week have been recent comments made by Donald Trump on Monday.
Here's why his newest round of controversial statements will help lift the gold price by 16.3% this year…
Why These Donald Trump Statements Will Boost Gold Prices in 2017
About the Author
Peter Krauth is the Resource Specialist for Money Map Press and has contributed some of the most popular and highly regarded investing articles on Money Morning. Peter is headquartered in resource-rich Canada, but he travels around the world to dig up the very best profit opportunity, whether it's in gold, silver, oil, coal, or even potash.