(Metal) Gold rose 3-month maximum ... "Uncertain tax reform"

(Metal) Gold rose 3-month maximum ... "Uncertain tax reform"


NEW YORK / LONDON, Nov. 18 (Reuters) - Gold prices rose on Thursday (local time). The US dollar weakened due to uncertainty over US tax reforms.
Gold futures rose 1.4 percent to $ 1296.50 an ounce. Gold spot prices rose 1.2 percent to $ 1293.53 an ounce in late New York trading. It is the maximum daily rise since August 28th. The price hit a record high of $ 1297 a barrel since the 16th of last month. The weekly rate climbed 1.3%, the biggest weekly gain since mid-last month.
Tai Wong BMO Capital Market Jewelery Trading Head said, "Investor sentiment has shifted toward the weaker dollar, with the possibility of reducing the number of Republican seats in which the overwhelming majority of Senate elections result in a bare minimum". "The gold price will be able to test the $ 1310 line, a crucial medium-term resistance early next week," he said.
The previous day, the House of Representatives approved its tax reform bill. The Senate is also pursuing its own tax reforms. The Senate reform bill has already faced resistance from some opponents in the Republican Party. As a result, investors became increasingly doubtful about the tax reform bill and the value of the dollar fell and gold prices rose.
"There is a lot of concern that the stock market rally is slowing down a bit," said Jonathan Butler, an analyst at Mitsubishi Corporation.
The dollar index, which represents the value of the dollar against major currencies, fell to a maximum week in a month. Concerns about investor tax reforms have led the US stock market to fall on technology stocks.
However, Julius Baer's analysts Karsten Engene said the value of the dollar would rise if the Federal Reserve continues to raise interest rates.
The price of silver rose 1.4 percent to $ 17.31 an ounce. The weekly rate rose 2.5%. The maximum weekly rise in five weeks.
Platinum rose 2.3 percent to $ 952.30 an ounce. The price hit a record high of $ 954.30 after September 20th. In the weekly period, the index rose 2.8 percent, marking the third consecutive week of gains.
Palladium rose 1 percent to $ 996.75 an ounce. The index rose 0.3 percent in the week.

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