Gold Futures Prices Edges Higher as U.S. Dollar Pulls Back on US Tax Bill Hopes

Gold Futures Prices Edges Higher as U.S. Dollar Pulls Back on US Tax Bill Hopes

Gold futures prices rose in a narrow range of on Monday, where fixed stock prices fell and the US dollar despite growing hopes that the adoption of a senior US tax reform before the end of this year.

Comex gold futures were up $2.10 or about 0.16% at $1,259.70 a troy ounce, just off Friday’s one-and-a-half week high of $1,264.50 hit.

Spot gold was up 0.1 per cent at $1,256.52 an ounce.

The dollar was raised initially after Republicans finalized a comprehensive tax reform bill.

We are confident that Congress will now pass a tax bill this week, with a vote planned by the Senate early on Tuesday.

Metal reinforced the precious last week after the lifting of the Federal Reserve Bank interest rates by 0.25 basis points to 1.50%, but did not change its forecast for the year 2018.

Asian equities rose on Monday, and increased by Wall Street, which has achieved the highest level of expectations, which will be issued by US lawmakers that the bill is long overdue.

Expectations have strengthened that tax cuts would stimulate economic growth and accelerated increase interest rates in the United States dollar and affect the gold.

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Gold Futures Prices Bounce Higher as U.S. Dollar Weakens

Gold Futures Prices Bounce Higher as U.S. Dollar Weakens

Futures prices for gold rose from its lowest level in five months on Wednesday, with the US dollar fell after US inflation data and lackluster ahead of the federal policy decision later in the day.

Comex gold futures were up $6.10 or about 0.49% at $1,247.80 a troy ounce, off five-month lows of $1,238.30 hit on Tuesday. Globally, gold was trading at USD 1,243.50 an ounce in Singapore.

At the Multi Commodity Exchange, gold for delivery in February was trading higher by Rs 40 to Rs 28,182 per ten gram.

Data showed earlier that US consumer price inflation rose as expected in November, while core data eased unexpectedly.

The sense of the US dollar was also weak after a Democratic candidate won the seat of the US Senate in Alabama, reducing the already narrow majority of senators in parliament.

A reduced majority in the Senate could make President Donald Trump more difficult to implement tax reform plans and other economic policies.

It is expected to raise the Fed’s interest rate policy in the two-day meeting which will end on Wednesday, it is now seen to tighten two to three times in the next year, but concerns about tepid inflation could change the outlook for 2018.

The dollar index, which measures the strength of the dollar versus a basket of six major currencies, rose 0.23% to hit 93.84.

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Gold Weakens on Muted Demand With Fed Language Seen Crucial For Direction

Gold Weakens on Muted Demand With Fed Language Seen Crucial For Direction

Gold futures fell in Asia on Monday as the market was ready to listen closely to the Fed’s suspension this week after interest rates, especially language, fell on the impact of expected tax cuts.

Gold futures for February delivery rose 0.11% to $1,249.80 a troy ounce on the Comex. Globally, gold edged up 0.09 per cent to USD 1,249.30 an ounce and silver by 0.03 per cent to USD 15.82 an ounce in Singapore.

MCX Gold futures were trading 0.19 per cent, or Rs 53, down at Rs 28,480 per 10 gram.

The Federal Reserve meets this week, is expected widely to raise interest rates between a quarter point. The European Central Bank, the Bank of England and the Swiss National Bank are also scheduled to hold monetary policy meetings, although no changes are expected.

Gold prices fell last week to their lowest level in four months on Friday, the biggest weekly drop since May after the US jobs report, which was stronger than expected on Friday, on expectations of a rate hike by the Federal Reserve at its next meeting.

Traders said the lukewarm demand from local jewelers and retailers in the local spot market remained mainly put pressure on the price of gold, but a little better trend in global markets capped the decline.

he Labor Department said that the US economy added 228 thousand jobs in November, surpassing economists’ expectations of 200,000, while the unemployment rate remained steady at 4.1% for the second consecutive month.

Wages rose 0.2% in the month, and 2.5% from last year, which was less than expected by 0.3% and 2.7% respectively.

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Gold Futures Prices Slumping at 5-Month Lows on Stronger U.S. Dollar

Gold Futures Prices Slumping at 5-Month Lows on Stronger U.S. Dollar

Gold futures prices trading hit at their lowest level in five months on Friday in Asian trading early, as optimism about the reform of the tax reform in the United States to support the demand for the US dollar continued ahead of the release of the US non-farm payrolls is expected later in the day.

Comex gold futures was down $2.00 or about 0.16% at $1,251.10 a troy ounce.

Spot gold was up nearly 0.2 per cent at $1,248.29 an ounce.

MCX Gold futures were trading 0.31 per cent, or Rs 89, down at Rs 28,578.

The dollar strengthened after the US Congress on Thursday passed legislation to temporarily fund the government until Dec. 22, the deadline set on Friday midnight, fueling hopes that a US tax reform will be approved by the end of the year.

Republicans in the US Senate agreed to hold talks with the House of Representatives on a major tax reform bill on Wednesday, suggesting lawmakers may approve a final bill ahead of the Dec. 22 deadline.

The US dollar also strengthened after data showed on Thursday that US jobless claims fell last week for the third week in a row.

The dollar index, which measures the strength of the greenback versus a basket of six major currencies, rose 0.15% to hit 93.89, the highest since November 21.

The number of Americans who applied for unemployment benefits unexpectedly last week, suggesting a rapid tightening of the labor market, which reinforces expectations that the Federal Reserve will raise interest rates next week.

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Gold Futures Prices Edges Higher as U.S. Dollar Softens

Gold Futures Prices Edges Higher as U.S. Dollar Softens

Futures prices for gold rose on Friday, with the US dollar fell amid continued uncertainty over the fate of the upcoming tax reform plan.

Comex gold futures was up $1.75 or about 0.14% at $1,274.96 a troy ounce, just off the previous session’s two-week low of $1,269.80.

MCX Gold futures were up 0.29 per cent, or Rs 83, at Rs 29,095 per 10 gram.

Globally, gold fell 0.69 per cent to USD 1,274.60 an ounce in New York yesterday.

Traders said global weakness in precious metals as the dollar rose against a basket of currencies abroad, making gold a safe haven.

The US dollar remained weak after the US Senate on Thursday evening postponed a vote on the tax reform bill until Friday as a key element of the bill, which still needs to be discussed.

However, it was seen to the bill, such as more likely to pass after endorsement by Senator John McCain.

The dollar index, which measures the strength of the dollar against a basket of six major currencies, rose 0.08% to hit 92.90.

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Gold Futures Prices Hold Steady Near 6-Week Highs; US Tax Reforms in Focus

Gold Futures Prices Hold Steady Near 6-Week Highs

Gold futures prices fell on Tuesday, but did not stand far away from its highest level in 6 weeks in the previous session, under the terms of the feeling of the US dollar amid weak. Investors are waiting for a hearing to confirm the nomination of Jerome Powell, chairman of the US Federal Reserve Board and the Senate is likely to vote on the US tax reforms.

Comex gold futures little changed at $1,295.10 a troy ounce, just off the previous session’s six-week peak of $1,299.00.

Spot gold was down 0.1 per cent at $1,293.00 an ounce. On Monday, the metal touched a high of $1,299.13 an ounce, its highest since Oct. 16.

MCX Gold futures were down 0.15 per cent, or Rs 45, at Rs 29,452 per 10 gram.

The sentiment on the dollar remained weak after the minutes of the Fed meeting last November showed some officials were worried that inflation would remain below the bank’s 2% target for a longer period than expected.

Investors also looked forward to a confirmation hearing on Tuesday of the Federal Reserve’s main candidate, Jerome Powell, hoping to give some clues about future policy decisions.

“We expect interest rates to rise to a certain extent and our budget will gradually shrink,” Powell said in remarks prepared for the session, which was released on Monday.

The US dollar is trading water on Tuesday, with a focus on the near term on the vote of any US Senate on the tax plan later in the week.

Analysts said the reports suggest that North Korea is preparing to launch another ballistic missile that can stimulate some safe-haven buying later in the day.

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Gold Prices Remain Higher as Dollar Holds Near 2-Month Lows

Gold Prices Remain Higher as Dollar Holds Near 2-Month Lows

Gold futures remained higher than Monday, as the dollar closed near a two-month low in the previous session on concerns about lower levels of inflation in the United States and the possible consequences of the Federal Reserve’s interest rate policy continued to weigh heavily on the dollar.

Comex gold futures were up $7.05 or about 0.55% at $1,294.29 a troy ounce.

Spot gold had risen 0.2 per cent to $1,290 an ounce.

MCX Gold futures were trading 0.32 per cent, or Rs 95, up at Rs 29,475 per 10 gram.

The sentiment on the dollar remained weak after Wednesday’s record from the Fed meeting in November showed that some officials were concerned that inflation would remain below the bank’s 2% target for a longer period than expected.

The record echoed remarks by Federal Reserve Chairman Janet Yellen earlier this week that it was not sure about inflation expectations.

While the high interest rate in December is still almost the price almost, expectations, investors declined to further raise interest rates in 2018.

The dollar index, which tracks the US currency against a basket of six major currencies, at 92.783 and shaved near the lowest level in two months at 92.675 on Friday.

Bullion traders also continued to focus on a possible US tax reform plan. President Donald Trump is scheduled to meet with Senate Republicans on Tuesday to discuss the party’s efforts to introduce legislation on tax reform.

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