Gold on track for third weekly profit in a row

Gold prices kept rising on Thursday, setting a seven-week height and heading for the third weekly profit in a row as the dollar tumbles while demand climbs on the safe haven.
 
Gold last traded at $1,201.4 an ounce, up from the opening price of $1,193.2, with an intraday low at $1,192.7, and a seven-week high at $1,206.8.
 
Gold's rise comes amid rising demand on commodities in the markets while investors head for the safe haven after U.S. President-elect Trump disappointed the markets by not mentioning his stimulus plans yesterday in his press conference.
 
U.S. stock markets are volatile following Trump's speech, which pushed investors to look for new investments like gold as commodity demand rises in the markets.
 
On the other hand, the dollar slumped today to a five-week low as investors relinquish the federal currency on profit-taking after Trump's speech yesterday intensified the selling pressures.