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Gold Prices Rise

Gold Prices RiseGold Prices Rise

Gold prices rose for a fourth day on Wednesday as expectations that the US government will enact the country’s biggest tax reforms in 30 years held the dollar steady, Reuters reported. Gold has risen more than 2% from a five-month low of $1,235.92 on Dec. 12, helped by a weakening dollar that makes gold cheaper for holders of other currencies. However, market players are expected to be wary of taking new positions before the holiday season and prices are on track to register their narrowest trading range of any quarter in a decade in the last three months of 2017. Spot gold was up 0.2% at $1,264.52 an ounce while US gold futures were 0.3% higher at $1,267.70 an ounce. Holdings of the world’s largest gold-backed exchange-traded fund, New York-based SPDR Gold Shares , fell 1% over Monday and Tuesday to the lowest level since early September. But low prices have spurred demand for physical gold in China.

 

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