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Gold continues to rise up to the highest level in two weeks

2017-12-19 11:43 am | Resource: NEWS | No Views : 299

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Gold futures contract higher in European trading, gold reaches a two-week high; the yellow metal continued to rise during Asian trade as the US dollar index, due to investors' anticipation of the US tax reform law, led investors to turn to gold as a haven Gold opened the day at $ 1260 per ounce, rising at the opening of European trade, reaching $ 1265, gaining daily gains of 0.09%.

Gold prices ended yesterday's trading up 0.5%, the second daily gain in a row, as the US currency fell and most of the dollar-denominated metals rose. Prices last week rose 0.6% in the first weekly gain in a month, Republicans on Tuesday voted on a bill aimed at reforming the country's tax system, which includes a corporate tax cut to 21 percent from 35 percent. If passed, the bill would go to the Senate, which may begin voting today or tomorrow.

The US dollar was initially boosted after Republicans on Friday finalized a comprehensive tax reform bill and are confident that Congress will pass a tax bill this week with the Senate vote early on Tuesday. The dollar index, which measures the strength of the dollar against a basket of six major currencies, fell 0.10% to hit 93.14. Gold is sensitive to dollar movements. A weak dollar makes gold cheaper for foreign currency holders.

On the other hand, silver saw a rise on Tuesday, affected by the rise in the yellow metal, where silver opened trading during the Asian trading, at levels 16.16 dollars, reaching a high level today at 16.17 dollars, back to trading in the beginning European session on the levels of 16.16 dollars, gaining 0.32% on Tuesday, and it is worth mentioning that demand has increased on the investment of safe haven before the end of the year as investors closed their financial positions before the end of the year.

On the economic data front, the euro zone's gross domestic product (GDP) fell for the first time in seven months in October, and seasonally adjusted construction output fell 0.4 percent year-on-year in October, reflecting a 0.1 percent decline in September. Construction and civil engineering increased 0.5% and 0.3% respectively in October.

On an annualized basis, growth in construction production fell to 2.0% in October from 3.5% previously, which was adjusted from a 3.1% rise earlier. In the EU, construction production fell by 0.7% per month In October, while it rose by 2.0 per cent from last year. Among the member countries, the largest declines were observed in Sweden, the United Kingdom, Germany and Romania, while the highest increases were observed in Slovenia, Hungary and Slovakia.


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