Gold dips as dollar gains after U.S. Senate clears tax reform hurdle

Reuters/Apekshar Nair/10-20-17

Gold prices turned lower on Friday as the dollar regained ground after the U.S. Senate approved a budget plan for the 2018 fiscal year that will ease passage for
Republicans to pursue a tax-cut package without Democratic support.

…”The dollar is up on account of the Senate vote… which in turn could pave the way for introducing a tax reform bill. That is seen as a cause for higher (interest) rates,” INTL FCStone analyst Edward Meir said.

…”The (gold) market has been fairly quiet lately. There has been some profit-taking. Importantly, there are no known headlines from North Korea or Iraq,” OCBC analyst Barnabas Gan said.

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