Gold
Gold rose on Wednesday, hovering near a three-week high as the dollar retreated on expectations of possible delays in long-awaited U.S. tax reforms, while palladium hit its highest since 2001. Spot gold was up 0.6 percent at $1,283.20 an ounce. U.S. gold futures for December delivery settled up $7.90, or 0.6 percent, at $1,283.70 per ounce.
U.S. House of Representatives Speaker Paul Ryan left the door open to a possible delay in implementing lower tax rates for corporations, following a media report that his fellow Senate Republicans were exploring the option. A December interest rate hike has been priced into the market, traders said. But a potential delay in the tax plan could mean a moderation in interest rate increases next year, which could support gold.
In physical demand, industry officials and analysts warned that India's gold imports in the last quarter of 2017 could drop 25 percent from a year ago due to weak demand during key festivals.
On technical front, gold edged up on Wednesday, shrugging off the resistance of the 100-day moving average to hit as high as $1,287.31. Gold’s volatility curve is expected to flatten in near term, consolidating within the range between $1,260 to $1,290.

Silver
Silver was up 0.9 percent at $17.11 an ounce. Its trading range remained intact within $16.90-17.20. A long upper-shadow line suggests heavy resistance. A new upward potential is expected to be tapped if the combined resistance from the 50-day and 200-day moving average can be breached.

 
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