Gold prices rise as US dollar slips. Time to sell?

Gold turned costlier amid speculations of Donald Trump's policies

The price of gold turned higher yesterday, hovering below the prior session's seven-week top as the US dollar weakened.
The greenback and yields were initially higher on the back of strong US retail sales, which reinforced the prospect of the Federal Reserve raising rates this year, perhaps sooner than previously expected, traders said.
Spot gold was 0.2 percent higher at $1,197.99 an ounce by 3:09 p.m. EST (2009 GMT). It was up 2.1 percent on the week. US gold futures settled down 0.3 percent at $1,196.20 per ounce, ahead of the US holiday on Monday, when the market will close early.
The gold price has risen 6.5 percent since a mid-December low and on Thursday reached its highest level since Nov. 23, after President-elect Donald Trump failed to elaborate on his plans to cut taxes and boost infrastructure spending.
"There's clearly plenty of new long positioning that has come into the market and at these (price) levels there's room to take profit," said Mitsubishi analyst Jonathan Butler. "Trump's economic policies, in particular tax cuts for corporates, could lead to ever-higher equity valuations that divert funds away from bullion." Investors were looking ahead to Trump's inauguration on Jan. 20, when they will again be looking for detail on his plans for the US economy.

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