gold firms as markets await trump tax plans
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
Arab Today, arab today

Gold firms as markets await Trump tax plans

Arab Today, arab today

Arab Today, arab today Gold firms as markets await Trump tax plans

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

Gold firmed on Monday as the dollar softened, although moves were muted as markets awaited details on US President Donald Trump’s tax policy, and guidance on the pace of interest rate hikes from a raft of Federal Reserve (Fed) speakers this week.
The metal is highly sensitive to rising US rates, which increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced. Liquidity was thinned by the absence of US traders for the Presidents Day holiday.
Spot gold was up 0.2 percent at $1,237.67 an ounce by 1440 GMT, while US gold futures for April delivery were little changed at $1,238.90.
“We have settled into a $1,220-1,245 range, with activity expected to be light on Presidents Day,” Saxo Bank’s head of commodity strategy Ole Hansen said.
“Trump will continue to be a key source of market inspiration. Trump’s address to the joint session on Capitol Hill next Tuesday may become the next focus considering he is expected to lift the curtain on his tax cuts ideas.”
The dollar has lost some support in recent weeks as a lack of concrete detail dampened post-election euphoria over Trump’s commitment to cutting taxes and boosting spending.
The euro edged higher against the dollar after a slide in US bond yields, shrugging off worries over upcoming French elections.
The heads of five regional Fed banks are scheduled to speak this week. In addition, Fed Board Gov. Jerome Powell appears on Wednesday, when minutes of the last policy meeting are also due.
Speaking in Singapore on Monday, Cleveland Fed chief Loretta Mester said she would be comfortable raising rates at this point if the economy kept performing the way it had. Investor appetite has shown signs of easing since gold hit a three-month high on Feb. 8.
The world’s largest gold-backed exchange-traded fund, SPDR Gold Shares , reported an outflow of 2.4 tons on Friday, the first in nearly four weeks.
Data also showed on Friday that speculators cut their net long position in COMEX gold for the first time in three weeks in the week to Feb. 14.
“Whether investors continue to rotate away from non-yielding gold and toward risk assets depends on how soon details of President Trump’s fiscal stimulus plans become clearer, but overall the equity rally looks to have further to run,” Mitsubishi said in a note.
Silver was down 0.1 percent at $17.96 an ounce, platinum was 0.1 percent higher at $1,001.70 and palladium was down 0.5 percent at $771.30.

Source: Arab News

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