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On Thursday, gold hovered near two-and-a-half week maximums because market sentiment on the US currency was still fragile notwithstanding the vote of a key American tax reform bill and expected US economic reports.
Trading volumes were believed to become thinner throughout the trading week before the Christmas holiday.
In New York, gold futures were nearly intact hitting $1,268.70 a troy ounce, which is close to Wednesday's two-and-a-half week maximum of $1,271.80.
On Wednesday, the House of Representatives gave the long-awaited approval to the biggest American tax overhaul for the last 30 years. It became a major political win for Donald Trump.
Traders were also waiting a final American third-quarter economic surge report and also jobless claims and manufacturing activity.
Gold happens to be sensitive to any moves in the US currency. A weaker greenback usually makes gold more affordable for holders of foreign currency.
Meanwhile, silver futures headed south 0.22% being worth $16.24 a troy ounce.
Anxiety over the US-China trade conflict and Brexit is keeping the yellow metal’s $1,200 perch alive, notwithstanding the evergreen buck trying to gain leverage against gold on the same fears…
On Monday, gold slipped a bit because the USD index rallied to its highest value for more than 17 months, thus affecting gold’s demand…
On Friday, gold edged down due to the fact that inflation data indicated steady interest rate lifts by the primary US financial institution…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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