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MTECHTIPS:-Gold / Silver / Copper futures – weekly outlook: February 27 – March 3

Monday, February 27, 2017 1:54
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MTECHTIPS:-Gold / Silver / Copper futures – weekly outlook: February 27 – March 3

 

 

MTECHTIPS-Gold prices hit three-and-a-half month highs on Friday as hopes for rapid tax reforms under the Trump administration faded, bolstering demand for the precious metal. Gold for April delivery settled up 0.53% at $1,258.05 on the Comex division of the New York Mercantile Exchange, having touched its highest since November 11 at $1,258.8 earlier. Gold finished the week with gains of 1.56%, notching up its fourth straight weekly increase. On Thursday U.S. Treasury Secretary Steven Mnuchin said he wants to see “very significant” tax reform passed before Congress’ August recess, but indicated that much work was still needed. He also suggested that any steps the Trump administration takes on policy would probably have a limited impact this year. The remarks dampened expectations for policy changes that investors had anticipated would spur inflation and drive up U.S. interest rates. Elsewhere in precious metals trading, silver was at $18.40 a troy ounce late Friday, and ended the week up 2.24%, in its ninth straight weekly gain. Copper was at $2.696 a pound and ended the week down 0.92%, its second straight weekly drop as concerns over the demand outlook weighed. Platinum ended up 1.89% to $1,031.05 late Friday, hitting its highest since February 9. In the week ahead, global financial markets will focus on U.S. President Donald Trump’s address to Congress on Tuesday for further details on his promises of tax reform, deregulation and infrastructure spending

 

 
 

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