Gold steadies as greenback inches up; Trump’s agenda eyed | Indian Share Market

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Gold steadies as greenback inches up; Trump’s agenda eyed

Gold price is trading with a positive bias, but heading towards a monster resistance at $1280.   · The weekly chart of gold price clearly highlights a major resistance around $1280 and $1300.

In the early hours of Tuesday’s trade, gold remained firm, as investors eye Donald Trump’s promise to enact tax reforms and infra spending, squeezing the dollar to multi month lows.

In the early hours of Tuesday’s trade, gold remained firm, as investors eye Donald Trump’s promise to enact tax reforms and infra spending, squeezing the dollar to multi month lows.

By 0102 GMT, spot gold remained unchanged at $1254.12 per ounce after touching $1261.03.  U.S. Gold futures slipped 0.1% to $1253.9.

Asian equities surged ahead in Tuesday’s trade as Wall Street remained firm, and the dollar rebounded from 4 month lows, as concerns from Trump’s political setback flushed all conditional hopes for the US President’s planned policies.

Robert Kaplan, President, Dallas Federal Reserve Bank informed that he will support further interest rate hike in U.S., if the U.S. economy continues to progress towards full employment and a inflation target of 2%. Kazakhstan & Russia raised gold holdings in February.

Source: indiainfoline.com

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