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POPULAR NEWS
Dollar Edges Higher Versus Yen Amid Progress on U.S. Tax Bill

The dollar edged higher against the yen after rallying Friday amid optimism a bill to cut U.S. taxes will be passed this week. The Bloomberg Dollar Spot Index held close to its 50-day moving average after climbing above that threshold last week as Republican leaders finalized their plan for lower taxes, paving the way for a policy victory for President Donald Trump. Treasuries declined as most Asian stock markets advanced, sapping demand for safer assets. The...

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Japan Shares Rise Amid Weaker Yen as U.S. Tax-Cut Bill Advances

Japanese shares rose as the yen continued to weaken after Republican leaders gained two key votes on the U.S. tax-cut bill Friday. Electronics makers and banks were the biggest boosts to the benchmark Topix, led by Mitsubishi UFJ Financial Group Inc., Toyota Motor Corp. and Sony Corp. Congressional Republicans finalized their plan for a highly-anticipated set of tax cuts for businesses and individuals after six weeks of legislative negotiations. Almost five shares rose for every...

Gold Drops as U.S. Stocks Rally on Tax Reform Optimism

Gold declines after progress on U.S. tax cuts propels stocks to record highs on Friday and boosts dollar. Bullion for immediate delivery -0.2% to $1,253.84/oz at 9:02am in Singapore: Bloomberg generic pricing. Bloomberg Dollar Spot Index flat after +0.4% Friday. Precious metal heads for 9.3% advance this year after +8.1% in 2016. The dollar™s strength is weakening gold, David Lennox, resource analyst at Fat Prophets in Sydney, says by phone. Tax reform is œa...

Hong Kong stocks open lower on Monday trading

Hong Kong stocks eased in the first few minutes of trade on Monday following big losses at the end of last week, while investors ignored a record lead from Wall Street. The Hang Seng Index dipped 0.07 percent, or 19.34 points, to 28,828.77. The benchmark Shanghai Composite Index inched up 0.06 percent, or 1.89 points, to 3,268.03 but the Shenzhen Composite Index, which tracks stocks on China's second exchange, eased 0.11 percent, or 2.01 points, to 1,899.19. Source: AFP

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Gold Price To Top $1,300? Depends On U.S. Senate - Analyst
Tuesday, 28 November 2017 14:59 WIB | GOLD CORNER |Gold OutlookGold Corner

All eyes are on Capitol Hill this week for a make-or-break vote on tax reform in the U.S. Senate. According to one strategist, the political landscape could determine whether gold will drive above $1,300 an ounce.

In a research note Monday, Jonathan Butler, precious-metals strategist at Mitsubishi, said U.S. political uncertainty represents the largest potential for the gold market, with the focus on this week™s tax-reform vote and next week™s debt-ceiling vote.

œThe outlook for gold and precious metals is that macroeconomic news may present near-term headwinds, but the longer-term picture is generally supportive with substantial potential upside in the coming weeks if the U.S. government fails to agree on either tax reform or the debt ceiling, he said.

Butler™s comments come as gold prices remain within striking distance of $1,300 an ounce. December gold futures last traded at $1,294.10 an ounce, up 0.53% on the day. Gold is benefiting from a weaker U.S. dollar, which is trading near a two-month low, and a flatter yield curve, with the spread between two-year and 10-year bonds fall to 57 basis points, a new multi-year low.

Uncertainty over the vote is extremely high, with many expecting to see a close battle as Republicans only hold a slim majority in the Senate. Republicans can only afford to lose two of their own party™s votes on the legislation.

Muddying the political waters this week is the Congressional Budget Office, which Sunday reaffirmed its finding that the proposed legislation would raise the national debt by $1.4 trillion dollars; however, the bipartisan office did not provide a score.

œFailure to agree on tax reform or the debt ceiling could be damaging for risk assets, and especially for the U.S. dollar while supporting gold as a risk hedge, Butler said. œIf successful, this could see a return of the ˜Trumpflation™ trade “ giving a boost to equities and damaging gold.

Source: Kitco News

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POPULAR NEWS
Dollar Edges Higher Versus Yen Amid Progress on U.S. Tax Bill

The dollar edged higher against the yen after rallying Friday amid optimism a bill to cut U.S. taxes will be passed this week. The Bloomberg Dollar Spot Index held close to its 50-day moving average after climbing above that threshold last week as Republican leaders finalized their plan for lower taxes, paving the way for a policy victory for President Donald Trump. Treasuries declined as most Asian stock markets advanced, sapping demand for safer assets. The...

Erdogan Hopes to Open Embassy in East Jerusalem

Turkish president Recep Tayyip Erdogan said Sunday that Turkey hopes to open an embassy to a Palestinian state in East Jerusalem in the future.. "Because it is under occupation we can't just go there and open an embassy," Erdogan said in a speech to his ruling party in the city of Karaman. "But, inshallah [God willing] those days are near and... we will officially open our embassy there," he said, without giving any precise timeframe. The comments come just days after Erdogan hosted a...

Japan Shares Rise Amid Weaker Yen as U.S. Tax-Cut Bill Advances

Japanese shares rose as the yen continued to weaken after Republican leaders gained two key votes on the U.S. tax-cut bill Friday. Electronics makers and banks were the biggest boosts to the benchmark Topix, led by Mitsubishi UFJ Financial Group Inc., Toyota Motor Corp. and Sony Corp. Congressional Republicans finalized their plan for a highly-anticipated set of tax cuts for businesses and individuals after six weeks of legislative negotiations. Almost five shares rose for every...

Gold Drops as U.S. Stocks Rally on Tax Reform Optimism

Gold declines after progress on U.S. tax cuts propels stocks to record highs on Friday and boosts dollar. Bullion for immediate delivery -0.2% to $1,253.84/oz at 9:02am in Singapore: Bloomberg generic pricing. Bloomberg Dollar Spot Index flat after +0.4% Friday. Precious metal heads for 9.3% advance this year after +8.1% in 2016. The dollar™s strength is weakening gold, David Lennox, resource analyst at Fat Prophets in Sydney, says by phone. Tax reform is œa...

Hong Kong stocks open lower on Monday trading

Hong Kong stocks eased in the first few minutes of trade on Monday following big losses at the end of last week, while investors ignored a record lead from Wall Street. The Hang Seng Index dipped 0.07 percent, or 19.34 points, to 28,828.77. The benchmark Shanghai Composite Index inched up 0.06 percent, or 1.89 points, to 3,268.03 but the Shenzhen Composite Index, which tracks stocks on China's second exchange, eased 0.11 percent, or 2.01 points, to 1,899.19. Source: AFP

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