Los Angeles CA, November 8 (Tangible Investments) by James O’ Dell Precious metals prices turned higher on Wednesday. Senate may delay tax cuts Gold rallies. Gold is up 0.75 percent to $1,284.30 an ounce after sliding $6.70 on Tuesday to close at $1,274.80 an ounce.

Silver is up 0.92 percent to $17.07 an ounce after easing $0.28 on Tuesday to close at $16.92 an ounce. The Gold/Silver ratio rose to 75.34 as Gold outperformed Silver. Platinum is up 1.20 percent to $931.00 an ounce. Palladium is up 1.01 percent to $998.00 an ounce.

Gold rebounded sharply in early trading Wednesday as the dollar fell on the prospect that tax reforms could be delayed. Senate Republican lawmakers are considering delaying the $845 billion corporate portion of the tax cuts — until 2019.

Analyst Robin Bhar, of Societe Generale says a delay could mean a change in interest rate increases next year which is bullish for Gold. “The December rate hike is baked in but the market is looking more forward on interest rates into 2018. If the tax cuts are delayed then the U.S. Federal Reserve can be a bit more relaxed,” said Bhar.

Currency strategists at Brown Brothers Harriman say the dollar is seeing broad-based weakness because investors doubt that Congress will be able to pass tax reforms.

Breaking down the underlying reasons for the election losses by Republicans on Tuesday adds further uncertainty to tax reform.

The [election losses] will likely lead some Republican candidates up for re-election in 2018 to be more concerned about the impact of their votes on tax reform, said BBH.

Saudi Arabia Sparks Safe Haven Gold Demand

Meanwhile, the U.S. joined with Saudi Arabia on Wednesday, in accusing Iran of supplying Yemen with the ballistic missile that struck the Saudi capital last week. The news together with the recent political shake-up by Crown Prince Mohammad bin Salman has prompted an increase in safe-haven Gold demand.

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