Gold retreats as Trump tax pledge lifts dollar

Reuters/Jan Harvey/02-10-17

Gold fell on Friday, retreating further from this week’s three-month high, as U.S. President Donald Trump’s promise of a major tax announcement boosted the dollar and upbeat data fuelled talk of a near-term rise in U.S. interest rates.

…The dollar reached a 10-day high against a currency basket on Friday and was on course for its best week since mid-December as Trump’s pledge to announce a major tax plan within weeks cooled some market nerves, reinvigorating dollar bulls.

“Obviously the dollar has recovered a bit of strength in the past day or so, which has weighed on precious metals,” Mitsubishi analyst Jonathan Butler said.

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