Gold prices steady amid US tax reform


FE Team | Published: November 10, 2017 15:48:50


Gold prices hold steady

Gold prices on Friday held near a three-week high touched in the previous session, underpinned by uncertainty over US tax reforms and on track for the first weekly rise in four weeks.

Spot gold was nearly unchanged at $1,285.28 per ounce as of 0435 GMT, and was headed for a gain of more than 1.0 per cent for the week.

On Thursday, it touched its highest since Oct. 20 at $1,288.34 an ounce, reports Reuters.

US gold futures for December delivery were down 0.1 per cent at $1,285.80.

Spot gold may edge up to a resistance at $1,292 per ounce, a break above which could lead to a gain to $1,299, according to Reuters technical analyst Wang Tao.

In other precious metals, palladium slipped 0.4 per cent at $1,006.50 an ounce after touching its highest since 2001 at $1,026.10 on Thursday. It was up about 1.1 per cent for the week.

Silver price rose 0.1 per cent to $17.016 per ounce. It has gained 1.1 per cent for the week and is on track for its first weekly rise in four weeks.

Platinum was down 0.2 per cent at $935.40 an ounce and was up 1.8 per cent for the week.

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