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Gold steadies ahead of Trump policy speech

Discussion in 'Gold Silver (All things Metal)' started by Scorpio, Feb 28, 2017.

  1. Scorpio

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

    Mar 25, 2010
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    PRECIOUS-Gold steadies ahead of Trump policy speech

    * Trump to speak on tax cuts and spending
    * Gold and silver hit 3-1/2 month highs in previous session

    (Updates throughout, adds LONDON dateline)
    By Zandi Shabalala

    LONDON, Feb 28 Gold held steady on Tuesday after
    falling from a 3-1/2 month high in the previous session as the
    market waited on a speech by U.S. President Donald Trump that is
    expected to provide more clarity on economic reforms.
    Spot gold was down 0.1 percent at $1,251.46 an ounce
    by 1058 GMT, having hit its highest since Nov. 11 at $1,263.80
    on Monday.
    U.S. gold futures fell 0.5 percent to $1,252.70.
    Investors are shifting their attention to Trump's policy
    speech to a joint session of Congress on Tuesday night, when he
    is expected to provide clues on his tax-cutting
    "There is lots of uncertainty ahead of Trump's speech," said
    Commerzbank commodity analyst Carsten Fritsch, adding that
    expectations for tax cuts had been raised.
    The President had said on Monday that he would propose a
    budget that would ramp up spending on defence while seeking
    savings elsewhere.
    "After yesterday's news about an increase in military
    spending it will even be more complicated to keep the budget in
    check," Fritsch said.
    "A massively increased budget deficit would undermine
    confidence in the dollar and benefit gold."
    The dollar index was also little changed at 101.08
    ahead of Trump's speech.
    "A possible setback could set in (for gold) over the next 24
    hours, but we could still end the week on a firmer note," INTL
    FCStone analyst Edward Meir said in a note.
    Meir said that any price movement is likely to be
    short-lived because "many of the proposals need to translated
    into actual legislation and also need congressional approval".
    But some upside could be on the cards for gold this week if
    U.S. Federal Reserve chair Janet Yellen suggests in her
    testimony on Friday that the central bank is likely to hold off
    from an interest rate move in March.
    A delay in a Fed rate hike would be positive for
    non-interest bearing bullion while also pressuring the dollar,
    making dollar-denominated gold more appealing to buyers with
    other currencies.
    However, there are still some Fed officials pushing for a
    rate increases as soon as next month.
    Spot silver was flat at $18.26 an ounce, having
    touched a 3-1/2-week high at $18.48 in the previous session.
    Platinum was 0.1 percent weaker at $1,028.50 after
    scaling a five-month high on Monday at $1,044.10.
    Palladium bucked the downward trend in precious
    metals, firming 0.2 percent to $782.10.

    (Reporting by Nallur Sethuraman in Bengaluru; Editing by David


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