Investing.com – Gold prices rose to a nearly three-week high on Wednesday as ongoing concerns over tax reform weighed on the dollar, boosting demand for the precious metal.
for December delivery on the Comex division of the New York Mercantile Exchange rose by $8.02, or 0.63%, to $1283.85 a troy ounce.
Gold prices reversed losses from Tuesday’s session, as the dollar came under pressure on signs that the GOP Senate could derail Donald Trump’s Tax plan by delaying the implementation of corporate tax cuts, with reports suggesting that the Senate is considering a one-year delay.
Gold prices are sensitive to moves lower in the U.S. dollar – A lower dollar makes gold cheaper for holders of foreign currency, thus, increases demand.
The uptick in gold prices comes as recent data suggested that traders were slightly less bearish on the precious metal.
Net bullish bets on gold rose to 193,100, from 191,400 the previous week according to a report from the Commodity Futures Trading Commission (CFTC) on Friday.
“Speculative financial investors are still withdrawing from gold,” Commerzbank said n Monday. “Net long positions decreased.”
In other precious metal trade, rose 0.99% to $117.11 a troy ounce, while added 1.22% to $936.55.
traded at $3.10, up 0.42% while rose by 0.98% to $3.18.
The uptick in natural gas prices comes as Commodity Weather Group said it expected below-normal temperatures in U.S. Pacific Northwest, Midwest and parts of Northeast between Nov. 6-10.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.