In Asia gold inches up as US tax cut views drive inflation worries

In Asia gold inches up as US tax cut views drive inflation worries

On Friday, gold ascended in Asia because American tax cuts move closer to passage, thus driving inflation worries for some market participants.

In New York, December delivery gold futures edged up 0.43% being worth $1283.66 a troy ounce.

Overnight, the US House of Representatives finally passed its variant of the tax cut legislation. Meanwhile, a major committee unveiled its version to the US Senate.

Overnight, the number one precious metal was nearly intact because the recent trend of flattening yields receded, although downside momentum was capped by a weakening greenback on the back of soft economic data.

Everlasting uncertainty as for the outcome of tax reform has rekindled investor appetite for gold, as data revealed market participants had increased their bets on gold the previous week.

Additionally, on Thursday night a fire has burst out at the key port utilized by copper miner Freeport-McMoRan Inc in Papua, Indonesia, as company sources revealed.

 

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