Gold Hits Highest Level In 3 Months

Bloomberg reported that the rally in spot gold can be attributed to President-elect Donald Trump's first press conference since his election win, which provided little substance on his economic stimulus plans.

Gold for immediate delivery traded as high as $1,207.07 an ounce, according to Bloomberg generic pricing. Holdings in exchange-traded funds backed by gold rose by 1.6 metric tons on Wednesday, which also marks its largest jump since November 9.

Meanwhile, the U.S. dollar has fallen against its major peers and fell more than 1 percent against the Japanese yen.

Moreover, the Bloomberg Dollar Spot Index, which tracks the dollar's strength relative to its global peers, was lower by 0.8 percent.

"Gold is rising as question marks emerge over the consensus view that Trump would be great for the dollar and great for stocks on a grand, unfunded building plan," Adrian Ash, head of research at online gold trading site BullionVault, told Bloomberg. "Traffic has been pretty much all one-way for us, customers are buying."

Gold ETFs

Here are how some of the most notable gold exchange-traded funds are performing ahead of Thursday's market open.

• SPDR Gold Trust (ETF) GLD: $114.49, up 0.87 percent and up 3.55 percent year-to-date.
• Market Vectors Gold Miners ETF GDX: $23.07, up 2.22 percent and up 7.89 percent year-to-date.
• Direxion Daily Jr Gld Mnrs Bull 3X ETF JNUG: $9.06, up 6.84 percent and up 51.97 percent year-to-date.
• Direxion Daily Gold Miners Bull 3X ETF NUGT: $10.12, up 6.75 percent and up 24.08 percent year-to-date.

Other Metals

• Silver gained 1.1 percent to $16.9094 an ounce.
• Platinum rose 2 percent to $991.13 an ounce, the highest level seen since November 10.
• Palladium rose 0.3 percent to $757.68 an ounce.