Gold Prices Lower 2-Week Ahead of Trump’s Tax Plan Announcement

Gold Prices Lower 2-Week Ahead of Trump's Tax Plan Announcement

Gold futures fell in trading on Wednesday, ahead of an expected tax reform from US President Donald Trump’s administration later in the day.

Comex gold futures shed $3.70, or around 0.3%, to $1,263.40 a troy ounce, after falling to $1,262.30, a level not seen since April 11.

In morning trade at MCX gold was trading 0.36 per cent, or Rs 104, down at Rs 28,710 per 10 gm.

Trump is expected to propose a cut in the income tax rate paid by public companies to 15% from 35% and allow multinational companies to make profits abroad at a tax rate of 10% versus 35% now.

Treasury Secretary Stephen Manuchen and National Economic Director Gary Cohen are scheduled to hold a joint press conference at around 1:30 p.m. (1730 GMT) on Wednesday from the White House briefing room to announce the tax plan.

At the same time, the threat to close the US government at the end of this week appears to have receded after Trump refused to ask Congress to fund the planned border wall with Mexico in the spending bill.

SPDR Gold Trust GLD latest holdings stood at 854.25 tonnes, down 5.92 tonnes, from previous business day.

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Gold Futures Prices Firms as French Election Looms

Gold Futures Prices Firms as French Election Looms

Gold futures prices were little changed on Thursday, as investors stayed cautious amid the first round of the French presidential election over the weekend.

Comex gold futures shed $2.40, or around 0.2%, to $1,281.50 a troy ounce. Meanwhile, spot gold held steady at $1,280.00.

Meanwhile, Gold for delivery in far-month August was trading lower by Rs 64, or 0.22 per cent, to Rs 29,363 per 10 grams in morning trade in India.

Gold futures were well supported as market players sought shelter in precious metals ahead of Sunday’s French presidential election, which is still too close to the call.

A poll by Harris Interactiv earlier showed 25 percent of voters planned to vote for center-right Emmanuel Macaron in the run-up to the first round of voting on Sunday, ahead of Marin Lupan, leader of the far-right National Front party, on 22 percent.

The Republican candidate, Francois Fillon, 19%, and the left-wing candidate Jean-Luc Melenchon was also 19%.

The poll also showed that Macron won well on Lu Ban in the second round of voting two weeks later, 66 percent to 34 percent.

Investors fear a second round of the round could be held between Euromilchon and Liban, who want to put EU membership in the country to vote.

Traders attributed the decline in silver prices in futures trade to a weak trend in precious metals in global markets and profit booking by speculators.

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Gold Prices Under Pressure as Safe Haven Demand Eases

Gold Prices Under Pressure as Safe Haven Demand Eases

Gold futures prices edged lower in early trade on Wednesday, as demand for safe-haven assets eased amid a recovery in US dollar and global equities.

Comex gold futures shed $9.60, or around 0.8%, to $1,284.50 a troy ounce. Meanwhile, spot gold was down $6.60 at $1,282.90.

At the MCX Gold was trading 0.39 per cent, or Rs 115, down at Rs 29,399 per 10 gram.

The US dollar index, which tracks the greenback versus a basket of six currencies, rose 0.2 percent to 99.62, down from Tuesday’s low of 99.36, its lowest level since March 28.

Meanwhile, Treasury yields were 10 years at about 2.21%, having fallen to 2.165% Tuesday, the lowest level since Nov. 10.

Gold on the steady trade on the demand for safe skies with continuing doubts in fuel. Amid the uncertainty over geopolitical tension over North Korea, the British prime minister has now decided to enter early elections in June 2017. Early elections in Britain to strengthen Britain’s hand, may have an impact in the French elections as well.

Amid the large volatility of European currencies the euro and the pound against the US dollar will gain strength against the US dollar.

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Gold Pares Back Gains as Dollar Regains Ground on Geopolitical Tensions

Gold Pares Back Gains as Dollar Regains Ground on Geopolitical Tensions

Gold futures prices retraced gains on Thursday, retreating from 5-month highs as the dollar recovered from an overnight selloff after U.S. President Donald Trump said the currency was too strong, besides rising tensions over US relations with Russia and North Korea.

Gold for June delivery was at $1,284.75 on the Comex, after going as high as $1,290.05 overnight, the most since Nov 9.

Spot gold earlier rose as much as 0.2 percent to 1,287.98 per ounce, the highest since Nov. 10.

The dollar recovered after retreating following Trump’s comments on Wednesday.

In an interview with The Wall Street Journal Trump, the US dollar said, “is growing stronger” and ultimately harms the economy. Trump also said he prefers the Federal Reserve to keep interest rates low.

The dollar index, which measures the strength of the greenback versus a basket of six major currencies, rose 0.36% to hit 100.42 after hitting a two-week low of 99.94.

South Korea expressed its belief on Thursday that the United States Stscharha before any possible preemptive strike against Pyongyang and China urged the North to stop its nuclear program in exchange for greater protection of Beijing.

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Gold Futures Prices Near 5-Month Highs in Risk-Off Trade

Gold Futures Prices Near 5-Month Highs in Risk-Off Trade

Gold futures prices were trading near their highest level in 5-months on Wednesday, , extending its nearly 2% gains from the previous session as concerns about geopolitical tensions supported the safe demand for the precious metal.

Gold for June delivery was at $1,275.65 on the Comex after going as high as $1,281.75 earlier, the most since Nov 9.

Spot gold in the physical market was trading at Rs 29,330 per 10 gm, up by 1.45% compared with Tuesday’s closing.

Investors remained cautious because concerns about the US military action against Syria and North Korea, as well as concerns about the French presidential election, focused on the demand for assets that are considered less serious.

Chinese President Xi Jinping on Wednesday called for a peaceful solution to the escalating tensions on the Korean Peninsula during a meeting with US President Donald Trump.

Tensions continued amid fears North Korea would soon conduct new nuclear tests or launch rockets.

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Gold Edges up on Geopolitical Tension, Takes Yellen in Stride

Gold Edges up on Geopolitical Tension, Takes Yellen in Stride

Gold futures prices gained on Tuesday as rising political tension over North Korea and Syria supported demand for the yellow metal.

On the Comex division of the New York gold for June delivery gained 0.39% to $1.258.85 a troy ounce.

Globally, gold rose by 0.25 per cent to USD 1,257.50 an ounce and silver by 0.08 per cent to USD 17.94 an ounce in Singapore.

Rex Tilerson, Secretary of US State is currently in the meeting of foreign ministers of the Group of Seven in Italy, where political leaders are working to produce a coherent message on Syria.

The United States was working to rally international support for its revised position on Syria before the first diplomatic visit of the US Secretary of State to Moscow.

However, the Kremlin said on Monday that Tillerson and Russian President Vladimir Putin will not back burner in what could be a sign of increasing tensions.

It also focused on Asian markets on Tuesday as North Korea of “catastrophic consequences” warned in response to any further provocations by the United States after days of sending a US naval battle group to waters off the Korean peninsula.

In Delhi, gold of 99.9 per cent and 99.5 per cent purity edged up by Rs 60 each to Rs 29,350 and Rs 29,200 per 10 grams, respectively. It had shed Rs 10 yesterday.

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Gold Futures Prices Move Lower on Stronger U.S. Dollar; A Weakening Global Trend

 Gold Futures Prices Move Lower on Stronger U.S. Dollar

Gold futures prices fell on Friday, as the US data continued optimistic this week to boost optimism about the strength of the U.S. economy and support demand for the USD.

On the Comex Exchange, gold futures for April delivery were down 0.24% at $1,242.10, the lowest since March 21.

Globally, gold prices fell 0.10 per cent to USD 1,241.20 an ounce in Singapore.

The dollar remained supported by a wave of strong US data this week, including Thursday’s reports on fourth-quarter GDP and initial jobless claims.

The dollar index, which measures the strength of the dollar against a basket of six major currencies, stabilized at 100.36, after rising two and a half weeks to 100.47.

Trade Minister Wilber Ross said one request would lead to a major revision of the US trade deficit, including “currency unsuitability”.

Markets were also volatile after British Prime Minister Teresa Mae formally launched Britain’s exit from the European Union on Wednesday and began a two-year negotiation process before divorce began in late March 2019.

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