November 10, 2017
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The futures of gold prices have fluctuated in a narrow upward trend to see their highest levels since last October 20 October amid the negative stability of the US dollar index according to their inverse relationship following the economic developments and statements they followed on Thursday on the economy The American largest economy in the world and on the threshold of the disclosure of the U.S. Senate Tax reform bill.
At 3:36 p.m. (GMT), futures prices for gold rose 16 December December, 0.19% for current trading. At $1,286.10 for the ounce compared to the opening at $1,283.70 of the ounce, amidst the low US dollar index 0.08% to 94.79 levels Compared to the opening at 94.87.
We have followed the American economy's weekly reading of the subsidy index, which showed a rise exceeding expectations of 10, 000 a request was made to some 239,000 compared to 229 thousand in the week of 28 October last October, and the weekly reading of the aid application index showed Continuing to rise by 17,000 to about 1,901 thousand requests for 1,884 thousand in the week elapsed on 21 October October.
In the same vein, markets are currently waiting for the world's largest economy to issue the final reading of the wholesale stockpiles, which reflect growth of 0.3% without a little change from the first reading of September September versus 0.9% growth in August last August, as investors are eager to disclose the reform bill Tax in the Senate which differs from the bill of study in the House of Representatives.
It is a matter of concern over the approval of the tax reform plans adopted by Republican President Donald Trump within the US Congress aimed at reducing taxes on American companies to twenty percent of the current tax rate on companies at thirty five percent and that comes Hours after some media report touched on the possibility of postponing the application of tax reforms in the United States for one year.
The US dollar index reached its highest level in nearly four months last Tuesday amid investor optimism about the start of negotiations in the Council lawmakers about the tax bill adopted by US President Trump after the first draft of the bill was unveiled earlier than Last week, coinciding with the pricing of markets for the chances of raising interest rates on federal funds again this year.
At the other level, Chinese Prime Minister Li Ke Qiang said on Wednesday that US President Trump arrived in the Chinese capital Beijing, the Chinese economy is facing uncertainty due to external risks, adding that we cannot ignore the risks facing his country's economy amid Stress the importance of the need to maintain economic stability, maintain macroeconomic policies and promote economic reforms.
US President Trump is currently touring a number of Asian countries, headed by Japan and China, as well as South Korea, during which he on many issues of common concern to the United States and Asian countries, and above all the North Korean nuclear file, it's In one way or another, he is concerned about the geopolitical, especially following Trump's speech in the South Korean parliament, through which he has attacked North Korea again.
In return, the official of the North Korean Labor Party, Dong Simon, accused US president Trump of trying to ignite a nuclear war in the region during his Asian tour, it came in conjunction with the accusation of Saudi Crown Prince Mohammed bin Salman that Iran provide the Houthi in Yemen with rockets, Considering that it is a direct military aggression by Iran against the Kingdom of Saudi Arabia and may be regarded as an act of war.
Which in one way or another boosted the performance of the price of precious metals, mainly gold, which achieved its highest levels in three weeks with investors shifting liquidity proportionally to safe havens, which are a safe alternative to investment until the vision becomes clearer.
Otherwise, US Treasury Secretary Stephen Menchen said Wednesday that President Trump wants to exempt the government from taxation and stop the sponsorship program healthy expressing that that step might save a lot of wasted money, noting that the U.S. administration is seeking to apply the tax cut Over the next year 2018, the housing market is moving in the right direction and the strength of the US economy is the biggest motive behind the recent dollar hikes.
Minchen also noted that he did not believe that Federal Reserve Bank (Fed) Janet Lynn had resolved its decision to continue in office, while expressing the hopes of the US administration to get approval to raise the debt ceiling by next month amid its work to pass the tax reform plan before the end of this year, The US president has recently nominated a member of the Federal Open Market Committee Jerome Powell for the post of Governor of the future Federal Reserve Bank.
