logo
 

US senate vote leaves Gold prices under pressure

image

NEW YORK (Scrap Register): A United Stated Senate vote on tax cuts has left gold under pressure, saidLukman Otunuga, research analyst at FXTM.

The metal has steadily depreciated in recent days, despite geopolitical tensions and political uncertainty supporting the flight to safety.

There is a suspicion that the culprit behind gold’s sell-off may be renewed optimism over Donald Trump’s tax reforms.

With the U.S. Senate voting for new budget measures on Thursday, the possibility that proposed tax reforms will be passed has increased. This will likely boost the dollar, consequently pressuring gold.

Technically, gold remains below the $1,300-an-ounce level. Sustained weakness under $1,280 may open a path towards $1,267.

As of 8:28 a.m. EDT, spot gold was $6.25 lower to $1,283.20 an ounce.

comments powered by Disqus
 
     
Copyright © 2017 ScrapRegister 2017-2022. All rights reserved