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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