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A flight to safety that sent gold to US$1,200 an ounce following Donald Trump’s first press conference could be the first sign that investors are starting to come down from their post-election “sugar high,” according to one longtime commodities expert.

Gold reached a fresh 7-week high briefly Thursday as the U.S. dollar sank, but has since settled to end the week slightly under that psychological benchmark, around US$1,198.

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What caused the investor confidence crash? Not a tweet or a particularly outlandish comment, but, rather, what the president-elect did not do: provide details of his ambitious economic agenda, which, apparently, includes infrastructure spending, tax reform and deregulation.

Many market observers have been turning more bullish on gold in recent weeks, focusing on a range between US$1,200 to US$1,300 an ounce this year once the reality of a Trump presidency sets in and investors get their head around a number of global uncertainties.