Gold Prices Hit 5-Month Lows on Stronger Dollar

Investing.com – Gold prices continued to decline and hit a five-month lows on Thursday, as the release of upbeat U.S. jobless claims data and hopes a major tax overhaul will be passed before Christmas lent broad support to the greenback.

Comex was down $9.90 or about 0.77% at $1,256.20 a troy ounce by 08:45 a.m. ET (12:45 GMT), the lowest since July.

The U.S. dollar was boosted after data on Thursday showed that U.S. jobless claims .

The greenback had already strengthened after U.S. Senate Republicans with the House of Representatives on a major tax reform bill on Wednesday, signaling that lawmakers could agree on a final bill ahead of a self-imposed December 22 deadline.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.17% at a two-week high of 93.68.

Investors seemed to put aside potential geopolitcal tensions following President Donald Trump and to move the U.S. embassy there.

Elsewhere on the Comex, were down 0.72% at $15.84 a troy ounce.

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