The U.S. dollar climbed against its Canadian counterpart on Friday, as the release of downbeat Canadian data dented demand for the local currency, while hopes for an upcoming U.S. tax overhaul boosted the greenback. The dollar held onto gains against other major currencies in quiet trade on Friday, as hopes for a major U.S. tax reform continued to support amid ongoing speculation over the next head of the Federal Reserve.
UK’s public finances rose less than expected in September, official data showed on Wednesday. In a report, the Office for National Statistics said that UK Public Sector Net Borrowing increased to a seasonally adjusted 5.33 billion, from 4.14 billion in the preceding month whose figure was revised down from 5.09 billion.
Gold prices remained lower on Friday, as the U.S. dollar was still broadly supported by fresh hopes for a major U.S. tax overhaul.
Oil prices fell on Friday and were set for a weekly loss as investors sought to book profits, despite tensions in the Middle East that have slashed supplies of crude.
U.S. existing home sales unexpectedly bounced back in September from a prior decline, bolstering optimism over the health of the housing market, according to a report released on Friday by the National Association of Realtors (NAR).
The European Central Bank is likely to decide next week to ease its asset purchases while avoiding an abrupt cut in their volume, ECB policymaker Ewald Nowotny said on Friday.
? BULLION
Last week, Spot silver prices declined 2.1 percent last week to close at $17 per ounce in line with decline in gold prices and strength in the DX. Also, fall in base metals exerted downside pressure on silver. spot gold prices plunged by 1.9 percent to close at $1280.3 per ounce as dollar gained momentum after the US Senate approved a budget resolution for the 2018 fiscal year. The measure is estimated to add $1.5 trillion to the deficit over the next 10 years, and contains about $4 trillion in spending cuts. Besides, speculation that the eventual successor to U.S. Federal Reserve Chair Janet Yellen will favour higher interest rates exerted further pressure. U.S. President Donald Trump was favouring policy hawk John Taylor as the next head of the Fed, Bloomberg reported, pushing the dollar higher and lifting U.S. Treasury yields. Also, Boston Fed President Eric Rosengren said the Fed will probably need to raise rates in December and then three or four times "over the course of next year", assuming U.S. unemployment continues to fall and inflation rises. On the MCX, gold prices declined by 1.2 percent last week to close at Rs.29572 per 10 gms.
Gold prices fell on Friday, pressured lower by the stronger U.S. dollar which was boosted after President Donald Trump's plans to overhaul the tax code cleared a critical hurdle.Gold futures for December delivery settled down 0.59% at $1,282.42 on the Comex division of the New York Mercantile Exchange. For the week, the precious metal was down 1.86%, which means it has fallen in five of the past six weeks.
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