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Gold futures rise in trading amid falling dollar index

2017-12-18 03:17 pm | Resource: NEWS | No Views : 352

Gold futures are up on Monday as the dollar index fell on concerns that the US tax reform bill failed to pass. "If it all collapses in the last minute, it will be a huge boost to gold," said Carsten Minke, an analyst at Julius Baer in Zurich. , And I think that is unlikely. "He added that if the tax law was passed, gold might drop slightly but that scenario was put into account pricing in the market.

During the European session, gold saw a rise of 0.46% to reach $ 1263 / troy ounce, adding a daily gain of $ 5.80. Asian trading opened at $ 1253, rising during the European session to reach $ 1263 in The start of US trading, bringing the highest level in two consecutive weeks.

Gold futures were steady in quiet trading on Friday, keeping weekly gains on expectations that the Federal Reserve will refrain from raising interest rates early next year. Gold rebounded mid-week when the Fed kept its outlook for just three gains. Interest Rates In 2018, inflation remains weak despite strong job growth and overall positive economy, gold rose 0.7% last week, improved from a 5-month low.

The dollar index fell by 0.3%, continuing its losses for the second day in a row, recording a two-week low of 93.21 points, reflecting the continued selling of the US currency against most of the world currencies, which favors the rise in gold prices being dollar-denominated and low cost for holders of currencies Other,

In the same context, silver saw gains as well as the beginning of the weekly trading, where it saw gains affected by the yellow metal, recorded daily gains of 0.57% to record levels of 16.15 dollars, in the beginning of US transactions, and over the past week, silver prices increased by 1.4%, the first weekly gain in a month, recovering from a five-month low of $ 15.61 an ounce recorded earlier in the week. Finally, copper prices are trading in global markets near a two-week high, after Friday's biggest daily gain since last October, supporting expectations of improved demand in China as the world's largest metal consumer.

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