Gold sharpens decline to two-month low as dollar climbs
2017-12-05 19:13:56 GMT (Economies.com)
Gold sharpens decline to two-month low as dollar climbs

Gold futures fell in American trade for the second session, marking a two-month trough as the dollar index gained ground on prospects of massive US tax reforms. 

 

Gold shed 1.1% to $1,262.20 an ounce from the opening of $1,275.89, with an intraday high at $1,277.02, and the lowest since October 6 at $1,260.96. 

 

Gold lost 0.3% yesterday on weak haven demand, especially after the US Senate passed a huge tax reform bill on early Saturday. 

 

Last week, gold lost 0.6%, the second weekly decline in a row, amid prospects of another US rate hike later this month, with prices plumbing a two-week low on Thursday. 

 

The dollar index rose 0.4%, in turn hurting the greenback-denominated gold futures as they become more expensive to holders of other currencies.

 

Dollar's gains came as the near-certain prospects of tax reforms overcame weak US data, which showed an increase in the trade deficit in November. 

 

Gold holdings at the SPDR Gold Trust fell by 1.18 metric tonnes yesterday to a total of 846.93 tonnes. 

 
 
 
  Symbol Last Change Chg.%
1.1777
0.0011
0.0909%
1.3364
-0.0018
0.1326%
15.898
0.045
0.284%
56.805
-0.520
0.907%
62.65
-0.70
1.10%
1247.850
-0.500
0.040%
 
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