Gold Price To Top $1,300? Depends On U.S. Senate - Analyst
Tuesday, 28 November 2017 14:59 WIB | GOLD CORNER |Gold OutlookGold Corner

All eyes are on Capitol Hill this week for a make-or-break vote on tax reform in the U.S. Senate. According to one strategist, the political landscape could determine whether gold will drive above $1,300 an ounce.

In a research note Monday, Jonathan Butler, precious-metals strategist at Mitsubishi, said U.S. political uncertainty represents the largest potential for the gold market, with the focus on this week™s tax-reform vote and next week™s debt-ceiling vote.

œThe outlook for gold and precious metals is that macroeconomic news may present near-term headwinds, but the longer-term picture is generally supportive with substantial potential upside in the coming weeks if the U.S. government fails to agree on either tax reform or the debt ceiling, he said.

Butler™s comments come as gold prices remain within striking distance of $1,300 an ounce. December gold futures last traded at $1,294.10 an ounce, up 0.53% on the day. Gold is benefiting from a weaker U.S. dollar, which is trading near a two-month low, and a flatter yield curve, with the spread between two-year and 10-year bonds fall to 57 basis points, a new multi-year low.

Uncertainty over the vote is extremely high, with many expecting to see a close battle as Republicans only hold a slim majority in the Senate. Republicans can only afford to lose two of their own party™s votes on the legislation.

Muddying the political waters this week is the Congressional Budget Office, which Sunday reaffirmed its finding that the proposed legislation would raise the national debt by $1.4 trillion dollars; however, the bipartisan office did not provide a score.

œFailure to agree on tax reform or the debt ceiling could be damaging for risk assets, and especially for the U.S. dollar while supporting gold as a risk hedge, Butler said. œIf successful, this could see a return of the ˜Trumpflation™ trade “ giving a boost to equities and damaging gold.

Source: Kitco News


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