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Gold Set To Break Weekly Losing Streak

Fri, 10th Nov 2017 13:39


WASHINGTON (Alliance News) - Gold futures were slightly lower Friday, but set for the first winning week in a month, as US stocks were poised for another rough session.

Stocks have slipped from record highs amid concerns that US tax reform will be hung up in Congress. The Senate wants to hold off on corporate tax cuts until 2019.

Meanwhile, President Donald Trump is in Asia this week, talking tough about North Korea and his impatience with trade imbalances.

With risk appetite waning, gold is getting a boost from its safe haven appeal.

Dec. gold was off USD4 at USD1283 an ounce, but has moved well away from a recent 3-month low.

The economic calendar remains light today, with only consumer sentiment data due at 10 am ET.

Copyright RTT News/dpa-AFX

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