UNITED STATES March 31 2017 6:54 PM
NEW YORK (Scrap Register): With the first quarter nearly in the rear-view mirror, one analyst suggests the gold rally may not yet be over, especially since prices will be linked to what the Trump administration does during the second quarter.
“The greater risk during the second quarter of this year is that unresolved arguments over deficit spending, the debt ceiling and entitlement programs result in Congress making no progress on its legislative agenda, and that consequently the administration fails to get any meaningful tax reform or infrastructure spending bills written, let alone passed,” said Tom Kendall, head of precious metals strategy for ICBC Standard Bank.
“That would almost certainly lead to the implied probability of another 25bp (25-basis-point) rate hike in June falling quickly from current levels around 45%. And that in turn would likely give gold the impetus to break up through $1,300 again,” Kendall added.
Gold prices are trading lower early Friday, with June Comex futures last down $3.90 to $1,244.10 an ounce.
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