Gold futures decline 1% as dollar advances

Gold futures fell in American trade as the dollar index gained ground, following a basket of data from China, the world's largest metals consumer, and the US, the world's biggest economy. 

As of 04:05 GMT, gold futures due on December 16 fell 0.67% to $1,287.80 an ounce from the opening of $1,296.50, while the dollar index rose 0.23% to 93.88 from the opening of 93.66. 

Earlier Chinese data showed the CB leading index steadied at 1.3% in October, same as September, while several news reports indicated the growth rate there might pass 6.5% next year, especially if 2017 growth hit 6.8% or 6.9%. 

Otherwise, the CB leading index from the US rose 1.2% in October past expectations of a 0.6% rise, compared to a 0.2% decline in September, while markets look forward to any news regarding the tax reform bill in Congress. 

Republican Senator Collins said earlier today there should be some amendments to the tax cut bill, expressing her preferment to other suggestions in the matter. 

Otherwise, Goldman Sachs forecasts four Fed rate hikes in 2018, and expected the Federal Reserve to raise its growth projections to 2.5% from 2.4%, while cutting unemployment projections to 3.7%, as inflation is expected to steady at 1.8% by the end of 2018.