Gold stays strong on US fiscal worries!
Worries about growing deficits & piled-up debt According to the Augmont Bullion Gold stays strong around $3300 on US fiscal worries! Amidst persistent concerns about the growing U.S. deficit, gold is still trading at about $3300 thanks to the dollar's decline, which usually increases the precious metal's allure as a safe-haven. The Congressional Budget Office estimates the recently enacted US tax bill, which is now headed to the Senate, will cost close to $4 trillion, escalating concerns about long-term fiscal instability. These worries about growing deficits and increased debt servicing costs are highlighted by Moody's recent lowering of the US credit rating. Gold also benefited earlier this week from heightened geopolitical tensions following allegations that Israel would attack Iranian nuclear sites, which sparked concerns of a wider Middle East conflict. By highlighting Technical Triggers, Augmont Bullion said, gold prices are expected to trade in t...