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Gold continues to rise to its highest level in 3 weeks

2017-12-20 12:33 pm | Resource: NEWS | No Views : 326


Gold continues to rise to its highest level in 3 weeks, as the US dollar index fell after Congress passed the tax reform law, which led to the buying of securities from companies' stocks, expecting higher corporate results due to tax cuts. According to the Tax Reform Act, the dollar index, which measures the performance of the greenback versus its basket of major currencies, fell slightly by 1% to trade at 93.14.

Gold futures recorded gains of 0.35% to reach $ 1266.35 per ounce in mid-European trading. The trading session opened today in Asian session at $ 1261, continuing to rise and reaching its highest level since December 6, and gold futures ended yesterday's trading down 0.1%, the first loss in three days, due to corrective and profit-taking, after prices earlier in the session reached a two-week high of $ 1265 an ounce.

The US Senate passed the tax reform bill yesterday and sent the tax cuts back to the House of Representatives for a final vote on Wednesday. It is worth mentioning that after the House vote, the law will be ready for President Donald Trump to sign into law. , And the adoption of the law as the first reform in the tax system in more than 30 years, and includes reductions in rates of taxes for individuals and companies separately.

Looking at silver, it is taking the same direction as the precious yellow metal. Silver gains continued after yesterday's gains were seen as investors pressured the US Congress to decide on the tax reform law. Silver rose today, 0.70% to reach $ 16.26 in mid-European trading, after opening the session in Asian session at levels of 16.10 dollars, silver prices ended yesterday's trading down 0.1%, the first loss in three days, due to operations Correction, after prices were recorded earlier than Trading was the highest level in two weeks 16.22 dollars.

Finally, copper prices on the world market rose for the eleventh consecutive day, the highest level in four weeks, supporting expectations of improving the levels of real demand in China, the world's largest metal consumer,

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