Gold Rose to its Highest Level Since October 20th on Wednesday
- Trade Magnates Team
- Nov 8, 2017
- 1 min read
Trade Magnates - Gold rose to its highest level since October the 20th at 1285 on Wednesday. The demand on the safe-haven asset increased as concerns over a potential U.S. tax overhaul weighed on the dollar and amid the North Korea and in the Middle East tension.
The US dollar had been supported in recent sessions as expectations of a U.S. administration's tax cuts might advance the economy, however, the US Dollar Index, which failed to hold above the 95 marks on Tuesday, was below that level on Wednesday. A weaker dollar makes gold less expensive for holders of foreign currency.
The geopolitical tension in North Korea, the current situation in Lebanon and the resignation of Prime Minister Saad Alhariri, and the anti-corruption purge in Saudi Arabia have significantly increased the demand on the precious metal.