MTECHTIPS;-Gold slides to 2-week low ahead of Trump’s tax plan

MTECHTIPS;-Gold slides to 2-week low ahead of Trump’s tax plan announcement

MTECHTIPS-Gold prices edged lower in North American trading on Wednesday, nursing overnight losses as investors looked ahead to an expected tax reform announcement from U.S. President Donald Trump’s administration later in the day. Comex gold futures shed $3.70, or around 0.3%, to $1,263.40 a troy ounce by 8:35 AM ET (12:35 GMT), after falling to $1,262.30, a level not seen since April 11. Meanwhile, spot gold was steady at $1,262.10. The yellow metal settled lower for the second straight session on Tuesday as investors dumped safe-haven assets amid reduced concerns over the French presidential elections. Also on the Comex, silver futures declined 11.5 cents, or about 0.7% to $17.54 a troy ounce, after touching a five-week low of $17.52 earlier in the session. Trump is expected to propose cutting the income tax rate paid by public corporations to 15% from 35%, and allowing multinationals to bring in overseas profits at a tax rate of 10% versus 35% now. Treasury Secretary Steven Capuchin and National Economic Director Gary Cohen are set to conduct a joint news conference at around 1:30 PM ET (17:30 GMT) on Wednesday from the White House Briefing Room to announce the tax plan. Meanwhile, the threat of a U.S. government shutdown this weekend appeared to recedeafter Trump backed away from a demand that Congress include funding for his planned border wall with Mexico in a spending bill
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