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Gold falls, but doubts over Trump tax plan cap losses

Discussion in 'Gold Silver (All things Metal)' started by Scorpio, Apr 27, 2017.

  1. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

    Mar 25, 2010
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    PRECIOUS-Gold falls, but doubts over Trump tax plan cap losses

    * Feasibility of U.S. tax plan uncertain
    * Spot gold still targets $1,249 - technicals
    * Silver off over one-month lows hit on Wednesday

    (Updates prices)
    By Swati Verma
    April 27 Gold prices edged down on Thursday as
    global risk sentiment ebbed, but scepticism over U.S. President
    Donald Trump's tax reform plan curbed further losses.
    Spot gold was down 0.3 percent at $1,264.60 per ounce
    as of 0736 GMT. Bullion prices edged away from a two-week low of
    1,259.90 hit on Wednesday.
    U.S. gold futures climbed 0.1 percent to $1,265.90
    an ounce.
    "Gold is being pulled down by descending global risk
    sentiment... But the market is still worried about whether (U.S.
    tax cut) policy would be carried out as the rate cut is too
    steep...," a trader with a Shanghai-based bullion bank said.
    President Donald Trump unveiled a one-page plan on Wednesday
    proposing deep U.S. tax cuts, many for businesses, that would
    make the federal deficit balloon if enacted, drawing a cautious
    welcome from fiscal conservatives and financial markets.

    "I think they are trying to attract business to the U.S.,
    which is good for the economy and stock market, and thus a
    negative impact towards the gold price," said Spencer Campbell,
    general manager with Kaloti Precious Metals in Singapore.
    "We have to see whether or not he could pass the bill...
    sentiment would be driven the other way should he not be able to
    pass that bill."
    Gold has struggled to make effective rallies as the previous
    week's geopolitical tensions fade from traders' minds, said
    Jeffrey Halley, senior market analyst, OANDA.
    "From a technical perspective, gold still appears to be
    setting itself up for a meaningful correction lower with nearby
    support at $1,254, the 200-day moving average."
    Spot gold still targets $1,249 per ounce, as it has pierced
    below a support at $1,265, according to Reuters technical
    analyst Wang Tao.
    The markets are also waiting for the European Central Bank's
    upcoming monetary policy decision, where it is set to keep its
    ultra-easy policy stance firmly in place.
    Silver slipped 0.1 percent to $17.45 an ounce after
    hitting its lowest in over a month in the previous session at
    Platinum gained 0.3 percent to $944.90 an ounce and
    palladium dropped 0.1 percent at $807.20 an ounce.

    (Reporting by Swati Verma in Bengaluru; Editing by Sherry


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