Gold Futures Prices Slumping at 5-Month Lows on Stronger U.S. Dollar

Gold Futures Prices Slumping at 5-Month Lows on Stronger U.S. Dollar

Gold futures prices trading hit at their lowest level in five months on Friday in Asian trading early, as optimism about the reform of the tax reform in the United States to support the demand for the US dollar continued ahead of the release of the US non-farm payrolls is expected later in the day.

Comex gold futures was down $2.00 or about 0.16% at $1,251.10 a troy ounce.

Spot gold was up nearly 0.2 per cent at $1,248.29 an ounce.

MCX Gold futures were trading 0.31 per cent, or Rs 89, down at Rs 28,578.

The dollar strengthened after the US Congress on Thursday passed legislation to temporarily fund the government until Dec. 22, the deadline set on Friday midnight, fueling hopes that a US tax reform will be approved by the end of the year.

Republicans in the US Senate agreed to hold talks with the House of Representatives on a major tax reform bill on Wednesday, suggesting lawmakers may approve a final bill ahead of the Dec. 22 deadline.

The US dollar also strengthened after data showed on Thursday that US jobless claims fell last week for the third week in a row.

The dollar index, which measures the strength of the greenback versus a basket of six major currencies, rose 0.15% to hit 93.89, the highest since November 21.

The number of Americans who applied for unemployment benefits unexpectedly last week, suggesting a rapid tightening of the labor market, which reinforces expectations that the Federal Reserve will raise interest rates next week.

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