November 10, 2017
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Gold prices on the European market surged on Wednesday to resume their gains again as the US dollar went up against a basket of currency, and is affected by media reports of a one-year postponement of the United States tax reform.
Gold prices rose by 0.4% to 10:10 GMT to deliberate at the $1280.20 level of the opening level of $1275.68, registering the highest level of $1280.77, and the lowest level of $1275.50.
Yesterday's gold prices lost 0.5%, with the US dollar rising to the highest level in two weeks versus a basket of coins, the previous day, prices had risen by 0.9%, following the fall of US bonds in the category of 10 years.
The dollar index slipped by more than 0.1%, reversing the US currency from the highest level in two weeks versus a basket of global currencies, which supports higher gold prices due to the inverse relationship with the US dollar movement.
The dollar slipped apart from the correction and profit-making process came to what the Washington Post quoted some Republican sources as stating that party leaders in the Senate were considering postponing the application of the fiscal reform plan for one year to conform to the Council's rules.
The dollar jumped late October last October for the highest level in three months against a basket of global currencies, supporting the strong prospects near the success of US President Donald Trump's administration in approving tax reform plans within Congress and promoting those economic growth plans in the country, you need to Accelerate the rate of raising interest rates over the coming years.
Gold holdings of the SPDR Gold Trust, the world's largest gold-supported indicator funds dropped yesterday by 1.19 metric tons, in the fifth consecutive daily decline, to a total of 844.27 metric tons, the lowest level of holdings since 18 September last September.
