Trade Magnates - Gold prices declined on Thursday after reaching 1290$ mark on Wednesday’s session. The uncertainty over the US tax reform bill led the precious metal to fall with investors keeping an eye on US tax reform vote in Congress later in the day.
The US tax bill headlines would continue to cause some volatility as investors now look forward to the key vote on the legislation due later Thursday. President Trump will speak today in a full conference of House Republicans at a closed-door meeting after which they will have their final vote on the new tax reform.
Gold touched session’s high on Wednesday as U.S. inflation and retail sales data further firmed up the case for a December rate hike by the Federal Reserve before retreating below 1280$ on Thursday trading at 1275$ a troy ounce.