Business News

CCTV Script 09/02/17


This is the script of CNBC's news report for China's CCTV on February 9, Thursday.

Welcome to CNBC Business Daily, I'm Qian Chen.

The man who built gold towers is now driving up the price of gold because of the uncertainty he brings to the White House.

Gold climbed to the highest in almost three months as investors purchased metal through the biggest exchange-traded fund for a fifth day, the longest buying spree since June.

Strategists in both the Treasury and precious metals markets point to two factors that have driven some safe haven buying. One is worries uncertainty surrounding President Donald Trump and when his growth policies will be pushed, and the other is about thefate of the euro zonewith the upcoming French election and Greece debt woes.

President Donald Trump's trade and currency comments have driven investors to seek safety in the metal. That trade got another boost Monday after Trump said Sunday that the effort to dismantle - and replace - Obama care could take until 2018, raising concerns that his entire agenda is now being pushed back.

Meanwhile, investors are also nervous over Donald Trump's controversial policies, particular his travel ban on people from seven predominantly Muslim countries.

While the market is focused on Trump, analysts say it has barely begun to focus much yet on the spring election in France, where candidate Marine Le Pen says she would get rid of the euro.

The right-wing politician this week pledged a 'Frexit' vote should she win the national elections later this year.

Now, the Fed's policy decision is not going to weigh on gold prices anytime soon. According to the Fed Fund Futures, only 4.4% of probability for a rate hike in March is seen by investors.

CNBC's Qian Chen, reporting from Singapore.