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POPULAR NEWS
Gold Expected To Gain Some Luster After Fed

Wall Street and Main Street both look for gold prices to rise this week, based on the weekly Kitco News gold survey. The U.S. Federal Open Market Committee meeting is widely expected to hike interest rates another 25 basis points this week. But that hasn't deterred analysts, who suggest this is already factored into prices. Eighteen market professionals took part in the Wall Street survey. Thirteen respondents, or 72%, predicted higher prices. There were two votes, or 11%, calling for lower...

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Aussie Falls, Asia Stocks Face Drop on Trade Woes

The Australian dollar sank and Asian stocks looked set for declines after China on Saturday called off planned trade talks with U.S. officials. The yen pared its initial advance Monday morning, with early moves lower fading for the Australian and New Zealand dollars following the latest development in the trade war. The U.S. and China are hours away from a new round of tariffs on each other™s goods. The yen rose less than 0.1 percent to 112.54 per dollar as of 7:53 a.m....

Yen Inches Up as China Cancels Trade Talks, Dollar Also Gains

The Japanese yen edged up on Monday as China cancelled its planned trade talks with the U.S. The dollar also gained following the news. Meanwhile, the U.S. tariffs on $200 billion worth of Chinese goods and retaliatory tariffs by Beijing on $60 billion worth of U.S. products are set to kick in today. The USD/JPY pair was down 0.01% to 112.56 by 11:50PM ET (03:50 GMT). The U.S. dollar index, which tracks the greenback against a basket of currencies, was up 0.06% to 93.84. The Australian...

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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
Gold Expected To Gain Some Luster After Fed

Wall Street and Main Street both look for gold prices to rise this week, based on the weekly Kitco News gold survey. The U.S. Federal Open Market Committee meeting is widely expected to hike interest rates another 25 basis points this week. But that hasn't deterred analysts, who suggest this is already factored into prices. Eighteen market professionals took part in the Wall Street survey. Thirteen respondents, or 72%, predicted higher prices. There were two votes, or 11%, calling for lower...

Gold Drops Second Day as Trade War, Rate Hike in Focus

Gold declines for second day with trade war in focus as U.S. and China hours away from new round of tariffs on each other's goods, and as investors count down to Federal Reserve's policy-setting meeting this week. Bullion for immediate delivery lost 0.3% to $1,196.81/oz by 9:15am in Singapore; fell 0.6% Friday. Bloomberg Dollar Spot Index added 0.1% after rose 0.2% Friday. $200 billion of Chinese products will be subject to tariffs from 12 p.m. Beijing time, on top of the...

Oil Rises Near 2-Month High as OPEC Stops Short of Pledging More

Oil climbed near the highest level in more than two months as OPEC gave a tepid response to U.S. President Donald Trump's demand that it take rapid action to reduce prices, saying it would boost output only if customers requested it. Futures in New York rose as much as 1.2 percent after a 0.7 percent gain Friday. the Organization of Petroleum Exporting Countries and its allied producers stopped short of promising specific extra volumes of crude after the group™s meeting...

Aussie Falls, Asia Stocks Face Drop on Trade Woes

The Australian dollar sank and Asian stocks looked set for declines after China on Saturday called off planned trade talks with U.S. officials. The yen pared its initial advance Monday morning, with early moves lower fading for the Australian and New Zealand dollars following the latest development in the trade war. The U.S. and China are hours away from a new round of tariffs on each other™s goods. The yen rose less than 0.1 percent to 112.54 per dollar as of 7:53 a.m....

Yen Inches Up as China Cancels Trade Talks, Dollar Also Gains

The Japanese yen edged up on Monday as China cancelled its planned trade talks with the U.S. The dollar also gained following the news. Meanwhile, the U.S. tariffs on $200 billion worth of Chinese goods and retaliatory tariffs by Beijing on $60 billion worth of U.S. products are set to kick in today. The USD/JPY pair was down 0.01% to 112.56 by 11:50PM ET (03:50 GMT). The U.S. dollar index, which tracks the greenback against a basket of currencies, was up 0.06% to 93.84. The Australian...

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