Gold inches up as dollar weakens after US Senate tax bill stalls
Reuters|
Updated: Dec 01, 2017, 11.28 AM IST
Gold prices edged higher early Friday, after marking a 3-1/2 week low in the previous session, as the dollar weakened slightly after the progress on US tax legislation hit a roadblock.
Fundamentals
Spot gold was up 0.1 per cent at $1,275.61 an ounce at 0119 GMT. On Thursday, it fell 0.7 per cent to touch its lowest since November 6 at $1,270.11. The yellow metal is down nearly 1 per cent for the week.
US gold futures gained 0.1 per cent at $1,274.30.
The dollar index , which gauges the greenback against a basket of six major rivals, was up 0.1 per cent.
The Republican tax overhaul stalled on a procedural issue in the US Senate on Thursday, forcing lawmakers to weigh new options to an amendment sought by a leading fiscal hawk to address the bill's projected large expansion of the federal deficit.
US consumer spending slowed in October as the hurricane-related boost to motor vehicle purchases faded, while a sustained increase in underlying price pressures suggested that a recent disinflationary trend had probably run its course.
US President Donald Trump dismissed a Chinese diplomatic effort to rein in North Korea's weapons program as a failure on Thursday, while Secretary of State Rex Tillerson said Beijing was doing a lot, but could do more to limit oil supplies to Pyongyang.
The Senate Banking Committee will vote on Tuesday on the nomination of Federal Reserve Governor Jerome Powell to lead the US central bank, the panel said in a statement.
Asian shares pushed higher on Friday, cheered by Wall Street gains after apparent progress on US tax legislation as investors waited for the Senate's vote.
A Bank of England policymaker said Britain must not fall into an illusion about its public debt, which soared after the financial crisis and could pose a threat to the country's economy, despite the lack of apparent concern among investors now.
Sales of US Mint American Eagle gold and silver coins fell sharply year-over-year in November, keeping their tally for the first 11 months of 2017 on track for the weakest year since 2007, the latest data showed on Thursday.
Fundamentals
Spot gold was up 0.1 per cent at $1,275.61 an ounce at 0119 GMT. On Thursday, it fell 0.7 per cent to touch its lowest since November 6 at $1,270.11. The yellow metal is down nearly 1 per cent for the week.
US gold futures gained 0.1 per cent at $1,274.30.
The dollar index , which gauges the greenback against a basket of six major rivals, was up 0.1 per cent.
The Republican tax overhaul stalled on a procedural issue in the US Senate on Thursday, forcing lawmakers to weigh new options to an amendment sought by a leading fiscal hawk to address the bill's projected large expansion of the federal deficit.
US consumer spending slowed in October as the hurricane-related boost to motor vehicle purchases faded, while a sustained increase in underlying price pressures suggested that a recent disinflationary trend had probably run its course.
US President Donald Trump dismissed a Chinese diplomatic effort to rein in North Korea's weapons program as a failure on Thursday, while Secretary of State Rex Tillerson said Beijing was doing a lot, but could do more to limit oil supplies to Pyongyang.
The Senate Banking Committee will vote on Tuesday on the nomination of Federal Reserve Governor Jerome Powell to lead the US central bank, the panel said in a statement.
Asian shares pushed higher on Friday, cheered by Wall Street gains after apparent progress on US tax legislation as investors waited for the Senate's vote.
A Bank of England policymaker said Britain must not fall into an illusion about its public debt, which soared after the financial crisis and could pose a threat to the country's economy, despite the lack of apparent concern among investors now.
Sales of US Mint American Eagle gold and silver coins fell sharply year-over-year in November, keeping their tally for the first 11 months of 2017 on track for the weakest year since 2007, the latest data showed on Thursday.
