Investing.com – Gold prices remained lower on Monday, as news a highly anticipated tax reform bill was voted by the U.S. Senate lent broad support to the U.S. dollar.
Comex was down $5.10 or about 0.40% at $1,277.10 a troy ounce by 08:15 a.m. ET (12:15 GMT).
The greenback strengthened after the U.S. Senate late Friday, marking President Donald Trump first major political victory.
The Trump administration has said its tax cuts will generate growth and spark inflation, which investors hope will prompt a faster pace of monetary tightening by the Federal Reserve.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.27% at 93.06.
Gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency.
However, fresh political turmoil in the U.S. was expected to weigh after former national security adviser Michael Flynn said into alleged links between the Trump campaign and Russia during last year’s election.
Flynn pleaded guilty Friday morning to lying to the Federal Bureau of Investigation about his communications with the Russian ambassador to the U.S. in December 2016.
Elsewhere on the Comex, were up 0.10% at $16.41 a troy ounce.
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Source: Investing.com
