Gold Prices Moved Higher As Tax Bill Vote Was Delayed By Senates
- Trade Magnates Team
- Dec 1, 2017
- 1 min read
Trade Magnates - Gold prices moved higher from last session two-week low of $1,269 mark on Friday amid uncertainty over the delayed tax reform plan by the US Senate. Gold was up today trading at $1,277 a troy ounce.
Gold slumps to 2-week lows on Thursday, losing more than $10 to renew its lowest level since mid-November at $1,269. However, Gold prices drifted higher as the US Senate version of Donald Trump's proposed tax cuts vote was delayed to Friday.
Despite the delay on the tax reform bill vote by senate on Thursday, the bill will be likely voted on Friday after an endorsement by senator John McCain. The US dollar had gained power after the US department of Labour reported yesterday that initial jobless claims fell to 238,000 last week.
Gold is sensitive to the US dollar moves. Weaker dollar makes gold less expensive for holders of foreign currencies. US dollar index was down at 92.91.