Gold prices were hovering near a two-week high on Tuesday, as caution surrounding U.S. tax reform plans and ahead of U.S. housing sector data dampened demand for the U.S. dollar.
Gold Prices Hover Near 2-Week Highs on Softer U.S. Dollar
Gold prices were hovering near a two-week high on Tuesday, as caution surrounding U.S. tax reform plans and ahead of U.S. housing sector data dampened demand for the U.S. dollar. Trading volumes were expected to become more and more thin throughout the week, ahead of the Christmas holiday. The U.S. dollar was initially boosted after Republicans on Friday put the finishing touches on a sweeping tax overhaul bill. They are confident Congress will now pass the tax bill this week, with a Senate vote planned as early as Tuesday. Market participants were looking ahead to reports on U.S. building permits and housing starts, due later Tuesday for further indications on the strength of the housing market.
Ineos says Forties oil pipeline repair timeframe unchanged
Oil markets edged up on Tuesday as the Forties pipeline outage in the North Sea and voluntary production restraint led by OPEC supported prices, although soaring output in the United States put a cap on gains. Some upward pressure was taken off after an oil worker strike was called off in Nigeria, traders said. Despite this, crude has been generally supported by the ongoing Forties pipeline system outage in the North Sea, which provides crude underpinning Brent futures. “The Forties pipeline closure will continue to put a floor under Brent crude,” said Jeffrey Halley of futures brokerage Oanda. Further price support has been coming from voluntary supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC producers including Russia. The timeframe to repair Britain’s Forties crude oil pipeline in the North Sea remains two to four weeks, its operator Ineos said on Tuesday, adding that repair options were still being assessed. “There’s a number of options that we’re pursuing,” Ineos spokesman Richard Longden said. “The timescale stays the same – two to four weeks from the 11th.”
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