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Jan 9 Reuters Gold prices rose to a near fourweek high on Thursday, supported by safehaven demand, while investors weighed how U.S. Presidentelect Donald Trump39;s policies would impact the economy and inflation.

Spot gold inched up 0.4 to 2,672.77 per ounce, as of 1155 GMT. U.S. gold futures rose 0.8 to 2,690.30.

Safehaven demand is modestly supporting gold, offsetting downside pressure coming from a stronger dollar and higher rates, UBS analyst Giovanni Staunovo said.

The dollar index hovered near a oneweek high, making gold less appealing for holders of other currencies, while the benchmark 10year Treasury yield stayed near eightmonth peaks.

Market uncertainty is likely to persist with the upcoming inauguration of Donald Trump as the next U.S. president, Staunovo said.

Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries, CNN reported on Wednesday, citing sources familiar with the matter.

Trump will take office on Jan. 20 and his proposed tariffs could potentially ignite trade wars and inflation. In such a scenario, gold, considered a hedge against inflation, is likely to perform well.

Investors39; focus now shifts to Friday39;s U.S. nonfarm payrolls for further clarity on the Federal Reserve39;s interest…