* Platinum hits over two-month highs
* Fed's Yellen to host webcast meeting on Thursday
(Adds comment, updates prices)
By Sethuraman N R
Jan 12 Gold rose to a 7-week high on Thursday on
a weaker dollar after U.S. President-elect Donald Trump provided
little clarity on future fiscal policies at a press briefing.
Spot gold was up 0.5 percent at $1,196.06 per ounce,
after touching a high of $1,198.58, its best since Nov. 23.
U.S. gold futures rose 0.1 percent to $1,197.80 per
In his first press briefing as U.S. president-elect, Trump
presided over a wide-ranging session that lasted longer than
expected but contained no details on tax cuts and infrastructure
spending, analysts said.
"Politics appears to have captured the gold market's
attention and is playing a role in directing near-term prices,"
HSBC analyst James Steel said in a note.
"Gold will remain finely tuned to political comments and
developments from Trump and his team ... if the economic
nationalists, who want to impose tariffs and increase
infrastructure spending, have greater influence, we believe gold
will likely trade higher."
The $1,200 level will offer stiff resistance and gold may
not be able to break it easily, Steel added.
Trump's campaign calls for tax cuts and more infrastructure
spending have boosted U.S. shares and the dollar, as well as
driving a selloff in Treasuries, but his protectionist
statements and a flurry of off-the-cuff Tweets have kept many
investors from adding to risky positions.
"There is some kind of uncertainty in Trump's policies and
the dollar's upside is also being questioned by the markets,"
Argonaut Securities analyst Helen Lau said.
"We need more positive developments in U.S. economic
fundamentals before the dollar can go higher," Lau said, adding
that markets were disappointed in Trump's speech.
The dollar index, which tracks the U.S. currency against a
basket of six major counterparts, was down 0.3 percent at
101.470, having hit a one-week high on Wednesday.
"The dollar will roll back a good proportion of its gains
over the course of the month in January and gold should benefit
as a result if Trump team hits the ground running and continues
to give more impressions of disarray than what has been apparent
so far," INTLFC Stone analyst Edward Meir said in a note.
The outlook for U.S. rates may become a little clearer when
Federal Reserve Chair Janet Yellen appears at a webcast town
hall meeting with educators on Thursday.
A host of Federal Reserve presidents including Philadelphia,
Chicago, Atlanta, Dallas and St. Louis will also speak on a
range of issues.
Spot silver rose 0.5 percent to $16.81 an ounce.
Platinum was up 0.7 percent to $979, after touching a
high of $986.10, its best since Nov.10.
Palladium was slightly firmer at $754.50.
(Reporting By Nallur Sethuraman in Bengaluru; Editing by