November 10, 2017
ma
Gold prices on the European market rose on Thursday to keep its gains for the second straight day, which is being raised from the highest level in three weeks, based on the US dollar's retreat against a basket of global currencies.
Gold prices rose by 0.2% to 10:35 GMT to be traded at the $1284.10 level of the opening level of $1281.39, registering the highest level of $1285.17, and the lowest level of $1279.74.
Yesterday's gold prices grew by 0.5% in the second gain in three days, with the highest level in three weeks of $1287.21, with the US dollar declining, and the investment demand for metal as a safe haven improved.
The dollar index fell by about 0.2 percent, continuing its losses for the second consecutive day, reversing the continued sale of US currency against a basket of currencies global, which supports gold prices because they are denominated in dollar terms and are lower for other currency holders.
The dollar retreat comes with mounting concerns about the possible delay in U.S. President Donald Trump's tax reform plans, on which the US administration relies so much on expanding the country's economic growth and boosting corporate profits.
A bill on tax cuts in the Senate, which differs from the bill under consideration in the House of Representatives, is expected to be unveiled Thursday an order complicating the process of approving fiscal reform plans within Congress, press reports said Republican Party leaders in the Senate are considering postponing the application A year-long tax reform plan to conform to the Council's rules.
Gold holdings of the SPDR Gold Trust, the world's largest gold-backed indicator funds dropped yesterday by 1.18 metric tons., in the sixth consecutive daily decline, to a total of 843.09 metric tons, the lowest level of holdings since 12 September last September.
