Gold declines as American Senate passes tax bill

Gold declines as American Senate passes tax bill

On Monday, gold slumped in the beginning of a busy week because market participants shifted from safe-haven assets after the US Senate managed to approve a tax overhaul.

In New York, gold futures hit $1,276.50 per troy ounce, sliding 0.5%, from Friday's close.

Negotiations on reconciling the Senate version and with a separate version already approved by the House of Representatives were expected to burst out a bit later in the week. Therefore, a final bill can be sent to Donald Trump to have it signed. By Christmas republicans hope to reach a compromise.  

As the Trump administration stressed, its tax cuts will stimulate surge and drive inflation, potentially ensuring a faster pace of monetary tightening by the Fed.

Gold is extremely sensitive to lifting interest rates.

On December 12-13 the Fed is expected to hold its final policy gathering of 2017, with interest rate futures pricing in a 100% likelihood of a rate lift at that gathering. At least it’s ascertained by's Fed Rate Monitor Tool.

However, financial markets turned to be doubtful as for the Fed’s capability of raising rates as much as it would like in 2018 due to worries over the sluggish inflation outlook.



Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

Will oil change the trend after OPEC-JMMC meetings?
Will oil change the trend after OPEC-JMMC meetings?

On Wednesday, February 2, during the day, members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.

Latest news

Can the UK CPI surprise?
Can the UK CPI surprise?

The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.

The US Retail Sales Update
The US Retail Sales Update

The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera