Gold prices remained supported on Wednesday, as optimism over a major U.S. tax overhaul quickly waned and offered no support to the dollar.
Gold Prices Remain Supported on U.S. Dollar Softness – Gold prices remained supported on Wednesday, as optimism over a major U.S. tax overhaul quickly waned and offered no support to the dollar. The greenback showed little reaction after the House of Representatives on Tuesday approved the biggest U.S. tax overhaul in 30 years. Due to procedural issues another vote later will take place on Wednesday, but it is still considered as a step closer to the implementation of a major U.S. tax overhaul. The Senate vote was expected to follow on Thursday. Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.
Offshore oil searches are coming back to fashion – just not in Asia – Surveying the ocean floor for oil and natural gas reserves is gradually emerging from a multi-year slump, everywhere apart from Asia. That’s despite Asia being the world’s biggest consumer of oil, having by far the strongest demand growth while seeing its production fall faster than anywhere else. The reasons for Asia’s dearth in offshore exploration and production (E&P) include high costs in Australia’s promising waters, declining reserves in production hotspots Malaysia and Indonesia, as well as territorial disputes in the oil- and gas-rich waters of the South China Sea. “We only have two 3D vessels in Asia-Pacific, since there are fewer opportunities and less activity in that region,” said Bard Stenberg, vice president at Norwegian offshore survey company PGS (OL:PGS), adding that most of his company’s vessels were in the Atlantic.
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