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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 Investing.com'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.
On Thursday, the yellow metal headed south in Asia due to the fact that recent economic data indicated an improved economic surge outlook and also put pressure on the safe-haven commodity…
On Wednesday, gold was nearly intact, sticking with a four-month minimum because better-than-anticipated economic data from China kept global appetite for risky assets healthy and also tamed demand for havens…
On Tuesday, the yellow metal went down in Asia against the backdrop of more positive developments in the China-US trade negotiations…
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On Monday, Asian stocks traded mostly higher, with Shanghai bucking the trend because centrist Emmanuel Macron fully matched opinion survey hopes and left anti-EU far-right nominee Marine Le Pen behind…
Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…
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