Loading ...NEW YORK, November 9, 2017,
Gold price rose on Wednesday as report said the Senate is considering to postpone the tax reform plan. Gold Spot rose 0.54 percent to $1,282 per ounce during the Wednesday trading session. While U.S. Gold future for December delivery was up 0.56 percent to $1,283 per ounce. According to an article from the Washington Post, the Senate Republican leaders were exploring a delay in the implementation of a corporate tax cut until 2019. The U.S. dollar weakened against major currencies on Wednesday after the news. The U.S. dollar index fell 0.06 percent to a three-month low at 94.85. Gold price is sensitive to the U.S. dollar as a weaker dollar makes other currencies holders cheaper to buy dollar-denominated commodities. Bonterra Res Inc. (OTC: BONXF), Harmony Gold Mining Company Limited (NYSE: HMY), Yamana Gold Inc. (NYSE: AUY), Asanko Gold Inc. (NYSE: AKG), B2Gold Corp. (NYSE: BTG).
The yellow metal has gained 11.75 percent this year. According to an article from Kitco News, Macquarie Group said in a recent report that gold may hit $1,400 in 2018. “Yes, the Fed will have to raise rates – growth remains higher than trend – but this is becoming true elsewhere,” the bank said. “Crucially we think the dollar is more likely to weaken than strengthen pre-2014 levels are perfectly achievable. And political risk factors – an unpopular president unable to match up to his domestic promises and facing complex and potentially unsolvable foreign problems – are also be in gold’s favor.”