Gold prices hit three-and-a-half month highs on Friday as hopes for rapid tax reforms under the Trump administration faded, bolstering demand for the precious metal.
Gold for April delivery settled up 0.53% at $1,258.05 on the Comex division of the New York Mercantile Exchange, having touched its highest since November 11 at $1,258.8 earlier.
Gold finished the week with gains of 1.56%, notching up its fourth straight weekly increase.
On Thursday U.S. Treasury Secretary Steven Mnuchin said he wants to see “very significant” tax reform passed before Congress’ August recess, but indicated that much work was still needed.
He also suggested that any steps the Trump administration takes on policy would probably have a limited impact this year.
The remarks dampened expectations for policy changes that investors had anticipated would spur inflation and drive up U.S. interest rates.
Elsewhere in precious metals trading, silver was at $18.40 a troy ounce late Friday, and ended the week up 2.24%, in its ninth straight weekly gain.
Platinum ended up 1.89% to $1,031.05 late Friday, hitting its highest since February 9.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
Monday, February 27
The U.S. is to release data on durable goods orders and pending home sales.
Dallas Fed President Robert Kaplan is to speak at an event in Oklahoma.
Tuesday, February 28
New Zealand is to release trade data and a report on business confidence.
The U.S. is to release revised data on fourth quarter growth and a report on consumer confidence.
San Francisco Fed President John Williams and St. Louis Fed President James Bullard are to speak.
Also Tuesday, President Donald Trump will make his first major address to Congress.
Wednesday, March 1
Australia is to release data on fourth quarter growth.
China is to release official data on manufacturing and service sector activity as well as the Caixin manufacturing index.
In the euro zone, Germany is to release preliminary inflation data and a report on unemployment change.
The U.K. is to release its manufacturing index and a report on bank lending.
The Bank of Canada is to announce its benchmark interest rate and publish a rate statement which outlines economic conditions and the factors affecting the monetary policy decision.
The Institute of Supply Management is to report on manufacturing activity.
Dallas Fed head Kaplan and Fed Governor Lael Brainard are scheduled to speak.
Thursday, March 2
Australia is to produce data on building approvals and trade.
The U.K. is to report on construction sector output.
The euro zone is to release preliminary data on inflation.
Canada is to release its monthly report on GDP.
The U.S. is to report on initial jobless claims and Cleveland Fed President Loretta Mester is to speak.
Friday, March 3
Japan is to release data on inflation and household spending.
Germany is to publish figures on retail sales.
The U.K. is to report on service sector activity.
The ISM is to report on service sector activity.
Meanwhile, Chicago Fed President Charles Evans, Richmond Fed President Jeffrey Lacker, Fed Governor Jerome Powell and Fed Vice Chair Stanley Fischer will deliver remarks and Fed Chair Janet Yellen is to speak at an event in Chicago.
Source: UK Investing.com