Yahoo Finance Gold Prices Still Lower but Within Range of a 1-Month Peak
Investing.com - Gold prices were moderataly lower on Monday, but they remained within close distance of a one-month peak as uncertainty over the fate of a major U.S. tax reform plan continued to weigh on demand for the dollar
Comex gold futures were down $3.43 or about 0.26% at $1,293.07 a troy ounce by 08:20 a.m. ET (12:20 GMT).
The House of Representatives on Thursday passed a bill that would lower corporate taxes and cut individual taxes for most households in 2018, in a step towards the biggest U.S. tax code overhaul since the 1980s.
But the legislation may face a tougher fight in the Senate amid resistance within Republican ranks. Senate lawmakers are expected to vote on their version of the bill after this week’s Thanksgiving holiday.
Markets were also jittery due to an ongoing investigation into potential Russian interference in the 2016 Presidential election.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 93.68.
Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.
Elsewhere on the Comex, silver futures were down 1.05% at $17.19 a troy ounce.
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