- Gold rallied to its highest close in more than a month, up 1.4% for the day and 1.8% for the week to $1,296.50/oz., getting a boost from a higher dollar amid uncertainty over progress in U.S. tax reform legislation.
- "They're pricing out Trump's tax reform once again as a result of those two proposals in Congress that are quite far apart from each other," says Mitsubishi commodities analyst Jonathan Butler, who cites "concern that the equity market rally is possibly becoming a little exhausted for now, and that should be supportive of gold in the short term."
- “U.S. dollar softness can explain some of it, and technical levels, including making a new high for the month," says Rob Haworth at U.S. Bank Wealth Management, but “I still think [Fed] policy is the key factor and will limit gains into year-end.”
- Major gold mining stocks are higher, including ABX +1.1%, GG +1.2%, NEM +0.2%, KGC +1%, EGO +5.4%, AEM +0.1%.
- ETFs: GLD, GDX, NUGT, GGN, DUST, IAU, PHYS, SGOL, GOEX, UGLD, UGL, DGP, SGDM, GLL, GTU, GLDI, ASA, DZZ, OUNZ, RING, DGLD, DGL, TGLDX, DGZ, PSAU, GDXX, GYEN, GEUR, GLDW, UBG, GDXS, GHS, MELT, GHE, QGLDX, GOAU
- Now read: ,300 Has Been A Ceiling For Gold - Will It Become A Floor?
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Gold nears $1,300/oz. amid U.S. tax reform uncertainty
Published 11/17/2017, 03:52 PM
Updated 11/17/2017, 03:52 PM
Gold nears $1,300/oz. amid U.S. tax reform uncertainty
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