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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Gold Futures Prices Trim Gains after Upbeat U.S. Employment Data

Gold Futures Prices Trim Gains after Upbeat U.S. Employment Data

NEW YORK (Reuters) – Gold futures prices fell on Wednesday after the release of upbeat US employment data pushed the dollar higher as investors still look to the close of the Fed’s monthly monetary policy meeting.

Comex gold futures were up 0.50% or about $6.22 at $1,276.61 a troy ounce.

Spot gold was down 0.1 per cent at $1,269.86 per ounce.

MCX Gold futures were down 0.15 per cent, or Rs 45, at Rs 29,108 per 10 gram.

The dollar strengthened after the payroll processor reported that employers in the US private sector added 235,000 jobs in October, beating economists’ expectations.

The dollar index, which measures the strength of the dollar against a basket of six major currencies, rose 0.21% to hit 94.65.

Trump said Federal Reserve Chairman Jerome Powell considered him more cautious than other contenders.

In broader markets, the dollar rose against a basket of currencies, while Asian stocks rose at a 10-year high on Wednesday on strong global economic growth.

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Gold Futures Down as Dollar Edges Higher on Stronger Economic Outlook

Gold Futures Down as Dollar Edges Higher on Stronger Economic Outlook

Gold futures rose above session highs in early trade on Tuesday as the dollar rallied against the backdrop of rising economic reports that boosted investor expectations for US economic growth.

Gold futures for December delivery on the Comex Exchange fell by $6.48, or 0.51%, to $1,271.22 a troy ounce.

MCX Gold futures were down 0.22 per cent, or Rs 65, at Rs 29,319 per 10 gram.

Spot gold was little changed at $1,275.54 per ounce. It has shed about 0.3 per cent so far in October, in what could be its second straight monthly decline.

The Conference’s consumer confidence index rose to 125.9 in October from 119.8 in September, beating economists’ expectations of 121.

The consumer confidence index is a leading indicator of consumer spending, which plays a key role in overall economic activity.

PMI rose in the Chicago index (BMI) to 66.2, above the September reading of 65.2. Topped expectations reading at 61.

Emerging reports are emerging ahead of the busy few days of the economic calendar on monetary policy as the Federal Reserve is due to announce its interest rate decision on Wednesday while President Donald Trump is expected to announce the next chairman of the Federal Reserve on Thursday.

President Donald Trump is moving toward the appointment of Federal Reserve governor Jerome Powell, who shares a similar position on Janet Yellen on monetary policy – as the next chairman of the Federal Reserve, Reuters reported on Monday.

The dollar was steady against the yen after the Bank of Japan’s decision to keep monetary policy steady even as inflation expectations fell slightly for the current fiscal year.

The US dollar fell 0.4 percent against a basket of currencies on Monday after former US President Donald Trump’s former aides, including former campaign director Paul Manavort, were reported to have been accused by the federal authorities of investigating Russian intervention in the 2016 election.

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Gold Futures Prices Hold Steady after Upbeat U.S. Data

Gold Futures Prices Hold Steady after Upbeat U.S. Data

Gold futures prices rose on Monday after the release of upbeat US data, as investors remained on the sidelines of the federal policy meeting, which begins on Tuesday.

Comex gold futures were little changed at $1,271.8 a troy ounce.

MCX Gold futures were trading 0.12 per cent, or Rs 36, down at Rs 29,282 per 10 gram.

The US Department of Commerce said on Monday that personal spending rose more than expected last month.

The US dollar has already risen after the Commerce Department said on Friday that the US economy grew at an annual rate of 3% in the third quarter, better than the 2.5% forecast.

Confirmed reading the stronger than expected if the Federal Reserve to raise interest rates at the end of the year.

The US dollar also supported after the Republican House of Representatives approved a budget plan for 2018 last week, which paved the way for tax reform. Some investors believe that tax reforms can boost growth and urge the Federal Reserve to raise interest rates at a faster pace.

Investors remained cautious, however, following a report that US President Donald Trump was considering the nomination of Federal Reserve Governor Jerome Powell to lead the US central bank, a move that would signal the continuity of monetary policy.

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