1. Gold off 2-week lows on Donald Trump tax reform doubts; BOJ, ECB awaited

Gold off 2-week lows on Donald Trump tax reform doubts; BOJ, ECB awaited

Gold on Thursday edged away from two-week lows hit in the previous session on scepticism over President Trump's proposed U.S. tax reform, with markets awaiting central bank meetings in Europe and Japan.

By: | Published: April 27, 2017 8:26 AM
Spot gold was down 0.1 percent at ,266.80 per ounce, as of 0115 GMT. (Reuters)

Gold on Thursday edged away from two-week lows hit in the previous session on scepticism over President Trump’s proposed U.S. tax reform, with markets awaiting central bank meetings in Europe and Japan.

FUNDAMENTALS
* Spot gold was down 0.1 percent at $1,266.80 per ounce, as of 0115 GMT. Bullion prices edged away from a two-week low of 1,259.90 hit in the previous session.

* U.S. gold futures climbed 0.3 percent to $1,267.70 an ounce.

* Asian shares ticked down from a near two-year high on Thursday after a long-awaited U.S. tax plan failed to inspire investors, though sentiment remains supported by global growth prospects and receding worries about political risks in Europe.

Also watch:

* President Donald Trump unveiled a one-page plan on Wednesday proposing deep U.S. tax cuts, many for businesses, that would make the federal deficit balloon if enacted, drawing a cautious welcome from fiscal conservatives and financial markets.

* The European Central Bank is set to keep its ultra-easy policy stance firmly in place on Thursday but may acknowledge better growth prospects, setting the stage for a small signal as early as June about an eventual reduction of stimulus.

* The Bank of Japan is set to keep monetary policy steady on Thursday and signal its conviction the country’s economic recovery is gaining momentum, taking heart from renewed optimism over the global economy as political concerns in France ebb.

* The Trump administration said on Wednesday it aimed to push North Korea into dismantling its nuclear and missile programs through tougher international sanctions and diplomatic pressure, and remained open to negotiations to bring this about.

* Canadian gold miner Goldcorp Inc reported better-than-expected first-quarter earnings on Wednesday as a $250 million-a-year cost-cutting plan started to take effect.

* Australia’s Newcrest Mining Ltd said its fiscal 2017 gold production tally would come in at the low end of guidance of between 2.35 million and 2.60 million ounces due to a seismic event earlier this month that rocked its flagship Cadia mine in Australia.

* Sibanye Gold Ltd expects Stillwater deal to close on May 4. * Precious metals miner Fresnillo Plc said its silver production rose 12.5 percent in the first quarter due to higher ore grades at its Fresnillo and Cienega mines in Mexico.

  1. No Comments.

Go to Top