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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