London — Gold prices rose for a fourth day on Wednesday as the expectation that the US government will enact the country’s biggest tax reforms in 30 years held the dollar steady. Gold has risen more than 2% from a five-month low of $1,235.92 on December 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. "Gold is coming up from a cyclical bottom. It’s going to get quieter due to the upcoming holiday long-weekends," said Mun Chun Loh, director, Private Wealth at GoldSilver Central in Singapore. Spot gold was up 0.2% at $1,264.52 an ounce at 10.09am GMT while US gold futures were 0.3% higher at $1,267.70 an ounce. The dollar has slipped from a one-month high earlier this month but was steady on Wednesday after the Republican-l...
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.