Xinhua, Chicago :
Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as traders began to expect that U.S. President Donald Trump’s reforms would take longer to implement.
The most active gold contract for March delivery rose 6.9 U.S. dollars, or 0.55 percent, to settle at 1,258.30 U.S. dollars per ounce. U.S. Treasury Secretary Steven Mnuchin told U.S. media that he hopes to pass tax reform by August. Analysts believe that expectations for tax reform were for it to be implemented much quicker than August.
As a result, investors are adjusting their expectations for the implementation of many of the presidents economic policies. This gave support to the precious metal as many of the pressures put on gold earlier in the year were due to expectations over the newly elected president.
A report released by the U.S. Census Department on Friday also gave support to the precious metal as the report showed new home sales increasing to a 555,000 level during the month of January, a figure which was below analyst expectations. Investors have noted rising supply and falling prices, which put pressure on new home sales, and added support to gold.
Gold was given additional support as the U.S. Dow Jones Industrial Average fell by 56.75 points, or 0.27 percent as of 1840 GMT.
Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as traders began to expect that U.S. President Donald Trump’s reforms would take longer to implement.
The most active gold contract for March delivery rose 6.9 U.S. dollars, or 0.55 percent, to settle at 1,258.30 U.S. dollars per ounce. U.S. Treasury Secretary Steven Mnuchin told U.S. media that he hopes to pass tax reform by August. Analysts believe that expectations for tax reform were for it to be implemented much quicker than August.
As a result, investors are adjusting their expectations for the implementation of many of the presidents economic policies. This gave support to the precious metal as many of the pressures put on gold earlier in the year were due to expectations over the newly elected president.
A report released by the U.S. Census Department on Friday also gave support to the precious metal as the report showed new home sales increasing to a 555,000 level during the month of January, a figure which was below analyst expectations. Investors have noted rising supply and falling prices, which put pressure on new home sales, and added support to gold.
Gold was given additional support as the U.S. Dow Jones Industrial Average fell by 56.75 points, or 0.27 percent as of 1840 GMT.
