Investing.com - Gold prices gained with the focus on policymaker remarks this week in the U.S. led by the next U.S. president on Wednesday.
Gold for February delivery on the Comex division of the New York Mercantile Exchange edged up 0.11% to $1,186.75 a troy ounce. Copper futures rose 0.23% to $2.617 pound.
Overnight, gold prices rallied to a six-week high on Tuesday, amid jitters ahead of President-elect Donald Trump’s first news conference since his election victory on Wednesday.
U.S. President-elect Donald Trump is to hold a press conference at 11:00AM ET (18:00GMT) on Wednesday, which investors will be watching for any hints about the possible direction of economic policy.
Gold has been well-supported in recent sessions after minutes from the Federal Reserve’s December meeting unsettled investors’ expectations about the pace of future interest rate hikes.
A delay in raising interest rates would be seen as positive for gold, a non-interest-bearing asset, and negative for the dollar.
Dollar weakness usually benefits gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.
The Fed had indicated in December that at least three rate increases were in the offing for 2017, according to a forecast of interest rates from members of the central bank, known as the dot-plot.
However, traders remained unconvinced. Instead, markets are pricing in just two rate hikes during the course of this year, according to Investing.com’s Fed Rate Monitor Tool.
Global financial markets will continue to focus on key U.S. reports in the week ahead, with Friday’s retail sales data in the spotlight.
In addition, there are a handful of Fed speakers on tap, including Chair Janet Yellen on Thursday, as traders look for more clues on the likelihood of higher interest rates later this year.