Gold Futures Rise as U.S. Dollar Remains Under Pressure on Report Trump’s Election Campaign Subpoenaed

Gold Futures Rise as U.S. Dollar Remains Under Pressure on Report Trump's Election Campaign Subpoenaed

Gold futures prices rose on Friday, with the US dollar fell after a report that investigators who are looking for a possible Russian intervention in the US presidential election in 2016 has summoned President Donald Trump’s presidential campaign amid continuing uncertainty over the fate of the US tax major reform.

Spot gold had climbed by 0.3 per cent to $1,282.72 per ounce.

Comex gold futures were up $3.74 or about 0.31% at $1,281.94 a troy ounce.

MCX Gold futures were down 0.35 per cent, or Rs 104, at Rs 29,399 per 10 gram.

The US House of Representatives on Thursday approved a wide range of tax cuts, which will be discussed by the Senate now.

Investors are still cautious, as the Republican majority is smaller in the Senate, and is not expected to take any decisive action until after the Thanksgiving holiday next week.

The US dollar also remained under pressure after it was reported that US President Donald Trump’s campaign has called for documents in an ongoing investigation on the possible Russian intervention in the presidential election in 2016.

The New York Times reported Thursday that Special Adviser Robert Mueller issued a call to more than 12 officials.

The Robert Mueller, and is currently investigating the attempts by the Russian government to intervene in the 2016 elections and the possible collusion with Donald Trump’s presidential campaign.

Meanwhile, the head of the Federal Reserve said in Cleveland, Loretta Mester on Thursday that she feels that inflation is ready to upgrade, thus paving the way for the Federal Reserve to continue a gradual process of raising interest rates.

He said technical analyst Reuters Wang Tao is moving above a neutral level of between 1,270 and 1.286 dollars per ounce, more than $ 1298 more.

The dollar index fell against a basket of six major currencies by 0.3 percent.

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Gold Prices Firm at 1-Month Highs on Weaker Dollar; US Consumer Data

Gold Prices Firm at 1-Month Highs on Weaker Dollar

Gold futures prices rose in early trading on Wednesday as investors awaited consumer inflation data in October from the United States to get hints about possible tightening of the Federal monetary policy.

Comex gold futures were up $5.47 or about 0.42% at $1,288.08 a troy ounce.

Spot gold was up 0.1 per cent at $1,281.73 per ounce. On Tuesday, gold touched $1,270.56, its lowest since Nov. 6, before recovering to close about 0.2 per cent higher.

MCX Gold futures were down 0.05 per cent, or Rs 15, at Rs 29,607.

The US Commerce Department said that consumer prices rose by 0.1% in October, in line with expectations.

A separate report showed that retail sales in the US rose 0.2% last month, just above expectations for a more modest gain of 0.1%.

However, the Federal Reserve in New York noted that the Empire State manufacturing index fell 11 points to 91.4 in November, compared with analysts’ expectations of 26.00.

Chairman of the Federal Reserve Bank said in St. Louis James Bullard on Tuesday that should the Federal Reserve to maintain the benchmark interest rate at current levels until there is a rise in inflation.

Rafael Bostick, one of the latest policy makers at the Federal Reserve, said he still supported the December interest rate hike and that he would need to see more weakness in US inflation and signs of domestic economic weakness that would make him expect a gradual decline in policy.

It stabilized the dollar index, which tracks the US currency against a basket of six major rivals at 93.802.

In other precious metals, silver rose 0.2 per cent to $ 17.045 an ounce, while platinum rose 0.3 per cent to $ 928.

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Gold Prices Slide To 1-Week Low on Higher US Bond Yields

Gold Prices Slide To 1-Week Low on Higher US Bond Yields

NEW YORK (Reuters) – Gold futures rose on Tuesday as the dollar stabilized on US Treasury yields amid uncertainty about US tax reform expectations. Besides market players turned their attention to a panel discussion including European presidents, US, British and Japanese central banks for more hints about future monetary policy moves.

Comex gold futures lost around $7.00 to $1,271.74 a troy ounce, after touching its lowest since Nov. 6 at $1,270.59 earlier.

Spot gold was down 0.1 per cent at $1,276.29 per ounce.

MCX Gold futures were down 0.12 per cent, or Rs 36, at Rs 29,575.

European Central Bank President Mario Draghi, outgoing US Federal Reserve Chairman Janet Yellen, Bank of England Chairman Mark Carney and Bank of Japan Governor Haruhiko Kuroda will form an all-star panel on Tuesday at a conference hosted by the European Central Bank in Frankfurt.

It is scheduled to begin the panel discussion, under the title “at the heart of policy: challenges and opportunities of central banking communication,” at about 5:00 am EST Asia (1000GMT).

Indicates bending the curve on both sides of the Atlantic, but more clearly in the United States, that investors have doubts about the path of inflation in the future, and may begin to decline in the case of deflation as the global economy is rising rapidly.

Meanwhile, Republicans are pushing Alkongrson on Monday to adjust the US tax law where he was considered by the Senate this issue, but the risks are still waiting for the main disputes between the parties that have not been settled, President Donald Trump and returned soon from Asia, where heated debate.

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Gold Futures Holds Onto Gains Amid U.S. Tax Reform Bill Uncertainty

Gold Futures Holds Onto Gains Amid U.S. Tax Reform Bill Uncertainty

WASHINGTON (Reuters) – Gold futures prices kept gains on Monday as continuing uncertainty over the fate of a huge US tax reform bill continued to reduce demand for the dollar.

Comex gold futures were up $3.75 or about 0.29% at $1,277.80 a troy ounce.

MCX Gold futures were up 0.05 per cent, or Rs 15, at Rs 29,506 per 10 gram in morning deals.

Senate Republicans unveiled a tax plan on Thursday different from the Republicans’ plan in the House of Representatives, highlighting the challenges of reconciling the differences between the two plans shortly before the deadline at the end of the year they set for passage.

The hopes of tax reform helped boost the dollar since mid-September. Some traders believe that tax reforms can boost growth, adding pressure on the Federal Reserve to raise interest rates, known as the Tramplaton trade.

Experts told, Gold prices are expected to rise as weakness in global equities will be supportive. Concerns about the delay in the US government’s fiscal performance and the weakness of the dollar index will also be a positive factor.

It stabilized the dollar index, which measures the strength of the dollar against a basket of six major currencies at 94.32, down from its lowest level in a week Friday at 94.16.

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Gold Futures Prices Hold Near 3-Week Highs on Softer U.S. Dollar

Gold Futures Prices Hold Near 3-Week Highs on Softer U.S. Dollar

Gold futures prices rose near the highest level in three weeks on Thursday, as uncertainty remained on the draft law a huge tax reform in the United States affects the dollar, while geopolitical tensions continued.

Comex gold futures were steady at $1,284.22 a troy ounce, just off the previous session’s nearly three-week highs of $1,287.52.

MCX Gold futures were down by 0.20 per cent, or Rs 60, at Rs 29,475 per 10 gram. Also MCX silver trade lower in morning deals.

The US dollar sentiment was weak as the US Senate tax cut bill, which differs from a bill in the House of Representatives, will be unveiled later Thursday.

The Senate’s Republican leaders are considering postponing the implementation of tax cuts for major companies to comply with Senate rules, The Washington Post reported Saturday.

Traders are concerned about any potential delays in the implementation of tax cuts or the possibility that the proposed reforms become less severe than expected.

It stabilized the dollar index, which measures the versus of the dollar against a basket of six major currencies at 94.71.

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Gold Futures Prices Edge Higher in Quiet Trade

Gold Futures Prices Edge Higher in Quiet Trade

Gold futures prices rose in quiet trading on Monday, as already optimistic US economic data strengthened expectations that the Federal Reserve raised interest rates at the December meeting and is likely to rise in 2018.

Comex gold futures were up 0.20% at $1,271.68 a troy ounce.

MCX Gold futures were up 0.21 per cent, or Rs 62, at Rs 29,150 per 10 gram.

The US Department of Labor said Friday that the US economy added 261,000 jobs in October, below expectations of 315,000 new jobs. The unemployment rate fell to 4.1%, the lowest level since December 2000.

However, some investors believe that the data is distorted by the recent hurricanes in the United States.

Shortly after the publication of the report, the US dollar rose thanks to optimistic orders from US factories and ISM non-manufacturing PMI data.

In Delhi Bullion prices was trading higher in morning trade on Monday on account of buying of precious metals by jewellers, industries and retailers.

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Gold Futures Prices Little Changed, Fed Chair Pick in Focus

Gold Futures Prices Little Changed, Fed Chair Pick in Focus

Gold futures prices have not changed slightly on Thursday amid the dollar’s decline, as the markets were waiting to announce the nomination of a new president of the Federal Reserve and the US unveiled a financial plan, while the positive US data provided some support to the dollar.

Comex gold futures were steady at $1,276.97 a troy ounce, off session highs of $1,282.36.

Spot gold was up 0.3 per cent at $1,278.10 per ounce, after earlier rising to $1,281.43, the highest since Oct. 26.

At the Multi Commodity Exchange, gold for delivery in December rose by 0.22 per cent to Rs 29,286 per 10 grams

Initial jobless claims fell unexpectedly last week, remaining close to a four-decade low, the US Labor Department said on Thursday.

The data also showed that labor productivity in the United States increased at its fastest pace in three years in the third quarter.

The dollar index, which measures the strength of the dollar against a basket of six major currencies, stabilized at 94.63, down from a low of 94.37.

It is expected that the US President is Donald Trump on Thursday appointed Jerome Powell, a new chairman of the Federal Reserve puts the special character of the leadership of the US central bank, while referring to the continuation of monetary policy.

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