Gold Prices Rose To Three Week Highs In Yesterday’s Session

Gold prices rose to three-week highs in yesterday’s session rose by $4.05 to settled at $1287.84 a troy ounce amid a slump in the dollar on fears that the Senate would delay corporate tax cuts until 2019.

Gold prices added to gains after the dollar fell on reports that Senate Republicans on Thursday will propose delaying a cut in the corporate tax rate from 35% to 20% until 2019.

The news of a possible delay to corporate tax cuts halted recent risk-on sentiment, fueling a flight-to-safety as traders appeared to unwind their bullish bets on riskier assets which followed on expectations that President Trump’s tax-reform plans would be enacted before year-end.

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