Gold slides to 4-month low as dollar edges up

Reuters/Apeksha Nair/12-07-17

Gold prices dropped to their lowest level in four months on Thursday as the dollar rose underpinned by optimism surrounding tax reform in the United States.

…The dollar on Thursday inched up against its peers, as optimism over U.S. lawmakers making progress on tax legislation continued to grow.

Hopes that U.S. tax reforms would boost economic growth have dented demand for safe-haven assets such as gold.

…INTL FCStone analyst Edward Meir said gold could move slightly lower heading into next week’s Federal Reserve meeting as investors would be jittery about the Fed’s policy wording going forward.

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