Gold leaps in Asia as traders monitor US tax cut progress

Gold leaps in Asia as traders monitor US tax cut progress

On Tuesday, gold rallied in Asia because the evergreen buck declined a bit on worries as for the final leg of passage for US tax cuts, which is a highly-anticipated agreement on the Senate and House versions.

February delivery gold futures leapt 0.02% in New York being worth $1,278.90 a troy ounce.

Australia posted that December’s RBA rate review held a firm cash rate of 1.50% as anticipated. Meanwhile, China’s Caixin services PMI demonstrated 51.9, which is better than the outcome of 51.5 anticipated for November.

Previous in Australia, the current account data for the third quarter demonstrated a deficit of A$9.11 billion versus a deficit of A$9.2 billion observed. October’s retail sales edged up 0.5%, which is better that the 0.3% on month revenue observed. Additionally, Australia also informed November’s AIG services index hit 51.7 versus last month’s outcome of 51.4.

Overnight, gold was suppressed amid a stronger greenback after the US Senate passed a tax bill aimed at modifying the American tax system and stimulating economic surge.


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.

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