Gold Futures Prices Edges Higher as U.S. Dollar Pulls Back on US Tax Bill Hopes

Gold Futures Prices Edges Higher as U.S. Dollar Pulls Back on US Tax Bill Hopes

Gold futures prices rose in a narrow range of on Monday, where fixed stock prices fell and the US dollar despite growing hopes that the adoption of a senior US tax reform before the end of this year.

Comex gold futures were up $2.10 or about 0.16% at $1,259.70 a troy ounce, just off Friday’s one-and-a-half week high of $1,264.50 hit.

Spot gold was up 0.1 per cent at $1,256.52 an ounce.

The dollar was raised initially after Republicans finalized a comprehensive tax reform bill.

We are confident that Congress will now pass a tax bill this week, with a vote planned by the Senate early on Tuesday.

Metal reinforced the precious last week after the lifting of the Federal Reserve Bank interest rates by 0.25 basis points to 1.50%, but did not change its forecast for the year 2018.

Asian equities rose on Monday, and increased by Wall Street, which has achieved the highest level of expectations, which will be issued by US lawmakers that the bill is long overdue.

Expectations have strengthened that tax cuts would stimulate economic growth and accelerated increase interest rates in the United States dollar and affect the gold.

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