gold retreats as trump tax pledge lifts dollar
Last Updated : GMT 06:49:16
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Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Gold retreats as Trump tax pledge lifts dollar

Arab Today, arab today

Arab Today, arab today Gold retreats as Trump tax pledge lifts dollar

Gold bars are pictured at the German central Bank Bundesbank
London - Arab Today

Gold fell on Friday, retreating further from this week’s three-month high, as US President Donald Trump’s promise of a major tax announcement boosted the dollar and upbeat data fueled talk of a near-term rise in US interest rates. Disappointment among some buyers at gold’s failure to break above the $1,245 an ounce level it tested twice this week has also fed into the pull-back, analysts said. 
Spot gold was down 0.5 percent at $1,224.98 an ounce at 1235 GMT, while US gold futures for April delivery were $9.80 lower at $1,227.00. On Wednesday spot gold reached its highest since mid-November at $1,244.67. 
The dollar reached a 10-day high against a currency basket on Friday and was on course for its best week since mid-December as Trump’s pledge to announce a major tax plan within weeks cooled some market nerves, reinvigorating dollar bulls. 
“Obviously the dollar has recovered a bit of strength in the past day or so, which has weighed on precious metals,” Mitsubishi analyst Jonathan Butler said. 
“The move above $1,220 was pretty convincing, but we did not get to the next level at $1,249-$1,250, which would have been confirmation of that bullish trend going back to the start of the year,” he said. “What we have seen is possibly some disappointed investors turning tail and booking some profit.” 
Gold prices remain on track for a second weekly gain, up 0.4 percent from late last Friday. US economic data has also stoked talk that the Federal Reserve would press ahead with US interest rate hikes sooner rather than later. Initial jobless claims dropped unexpectedly last week to the lowest in nearly 43 years. 
Gold is highly sensitive to rising US interest rates, which increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced. The major physical markets in Asia were mixed this week as Indian jewelers stocked up for wedding season, while rising prices sidelined buyers elsewhere. 
Premiums over the spot price in India rose to $3 an ounce this week from about $2 the previous week, indicating upbeat demand. In Hong Kong and Singapore they edged down to between 80 cents and $1.20 from about $1-$1.40 last week. Silver was down 0.4 percent at $17.57 an ounce, while palladium was 1 percent higher at $778. Platinum was down 1 percent at $1,001.80, having touched its highest since Oct. 3 on Thursday at $1,028.50. 
A Commerzbank note on technicals said it was alert to profit-taking after platinum’s retest of its $1,025 November high. “A close above $1,025.51 would target $1,070, the Sept. 22 high, and the 61.8 percent retracement at $1,080,” it said.

Source: Arab News

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