Gold Prices Remains on the Downside as Strong Dollar Weighs

Investing.com – Gold prices remained lower on Friday, as the U.S. dollar was still broadly supported by fresh hopes for a major U.S. tax overhaul.

Comex were down $4.07 or about 0.32% at $1,285.85 a troy ounce by 09:10 a.m. ET (13:10 GMT).

The greenback was boosted after the U.S. Senate late Thursday approved that will pave the way for Republicans to pursue tax-cut plans without Democratic support.

The Republican-controlled Senate voted for the budget measure by 51-to-49, which would add up to $1.5 trillion to the federal deficit over the next ten years in order to pay for proposed tax cuts.

Meanwhile, speculation over who will replace Janet Yellen as head of the Fed persisted.

Reports that U.S. President Donald Trump was , who is perceived as a less hawkish candidate, had temporarily weighed on the dollar.

Trump concluded interviews on Thursday with the five candidates, including Janet Yellen, he is considering to chair the Fed. He could announce a decision as early as next week.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.44% at 93.37.

Elsewhere on the Comex, slid 0.28% to $17.21 a troy ounce.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.