Gold Prices Fell on Friday While U.S. Dollar is on the Rise.
- Trade Magnates Team
- Oct 20, 2017
- 1 min read
Trade Magnates - Gold is weaker declining from the up move we have seen on Thursday and now trading at 1285$ range. The down move is associated with the dollar which is gaining strength in response to the hope of a tax reform by President Trump and after the Senate has approved the republicans-backed budget.
Tax reform is widely expected to have an inflationary impact on the economy boosting the U.S. Dollar, and lowering the demand on the Bullion.
The US Dollar Index also stays supported by the likely announcement of higher rates by the Federal Reserve at the December 13 meeting. Analysts are expecting the Gold prices however to be under further pressure and might touch on the key support levels.