Gold steadies ahead of Donald Trump’s policy speech
Non-interest-bearing bullion would benefit from a delay in a Fed rate hike and would make dollar-denominated gold more appealing to buyers with other currencies
London — Gold held steady on Tuesday after falling from a three-and-a-half-month high in the previous session, as the market awaited a speech by US President Donald Trump, which was expected to provide more clarity on economic reform. Spot gold was down 0.1% at $1,251.46 an ounce by 10.58am GMT, having hit its highest since November 11 at $1,263.80 on Monday. US gold futures fell 0.5% to $1,252.70. Investors are shifting their attention to Trump’s policy speech to a joint session of congress on Tuesday night, when he is expected to provide clues on his tax-cutting plans. "There is lots of uncertainty ahead of Trump’s speech," said Commerzbank commodity analyst Carsten Fritsch, adding that expectations for tax cuts had been raised. Trump had said on Monday that he would propose a budget that would ramp up spending on defence while seeking savings elsewhere. "After yesterday’s news about an increase in military spending it will even be more complicated to keep the budget in check," Fr...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.