Gold Futures Prices Edges Higher as U.S. Dollar Softens

Gold Futures Prices Edges Higher as U.S. Dollar Softens

Futures prices for gold rose on Friday, with the US dollar fell amid continued uncertainty over the fate of the upcoming tax reform plan.

Comex gold futures was up $1.75 or about 0.14% at $1,274.96 a troy ounce, just off the previous session’s two-week low of $1,269.80.

MCX Gold futures were up 0.29 per cent, or Rs 83, at Rs 29,095 per 10 gram.

Globally, gold fell 0.69 per cent to USD 1,274.60 an ounce in New York yesterday.

Traders said global weakness in precious metals as the dollar rose against a basket of currencies abroad, making gold a safe haven.

The US dollar remained weak after the US Senate on Thursday evening postponed a vote on the tax reform bill until Friday as a key element of the bill, which still needs to be discussed.

However, it was seen to the bill, such as more likely to pass after endorsement by Senator John McCain.

The dollar index, which measures the strength of the dollar against a basket of six major currencies, rose 0.08% to hit 92.90.

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