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Gold Rallies Near $1200 As Stocks Wobble

gold rallies near $1200 as stocks wobble

Gold futures continued to rise Wednesday, pushing near $1200 an ounce amid safe haven demand after president-elect Donald Trump's first press conference.

Trump gave updates on a number of his campaign promises, vowing to replace ObamaCare and start the Mexico border wall fairly soon.

Stocks were volatile during the presser, helping drive gold prices to new multi-week highs.

Feb. gold climbed $11.10, or 0.9%, to settle at $1,196.60/oz, the highest since November 22.

There was no first tier economic data released today. Traders now look ahead to comments from Federal Reserve Chair Janet Yellen and the crucial U.S. retail sales report for December.

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