Gold price Is on Track for the Worst Month of 2017

September 28, 2017

London (Sept 28)  Gold traded near the lowest since August and headed for the biggest monthly loss this year as President Donald Trump’s plan to cut taxes kept the dollar buoyant.

Bullion was little changed at $1,284.48 an ounce in London after earlier losing as much as 0.4 percent to the lowest since Aug. 25. Prices are down 2.8 percent this month on optimism over the health of the American economy and expectations for higher interest rates.

Bullion holdings in exchange-traded funds are at the highest since November amid growing tension between Trump and North Korea’s Kim Jong Un, who was dubbed as “rocket man” by the U.S. president after multiple missile tests. Still, gold prices have fallen for the past three weeks as the Federal Reserve prepares to tighten monetary policy.

Gold prices have been “unable to stand the specter of higher U.S. interest rates and a stronger dollar,” Ed Meir, an analyst at INTL FCStone Inc. in New York, said by email. “The political focus in Washington has now shifted from the ill-fated health-care legislation to more growth-friendly issues like tax cuts and reforms.”

Silver rose 0.3 percent to $16.8185 an ounce.


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