Investing.com – Gold prices were roughly unchanged on Friday as gains were capped by a rise in the dollar amid growing investor optimism on tax reform.
for February delivery on the Comex division of the New York Mercantile Exchange rose by $0.40, or 0.04%, to $1,257.60 a troy ounce.
Optimism on tax reform grew following reports suggesting that Republicans secured enough votes for the bill passage, boosting the dollar, while limiting gains in the precious metal.
CNBC, citing two sources, said Marco Rubio will support the final Republican tax bill after the GOP made changes to win his vote.
Rubio, earlier this week, had said he would not approve the GOP tax plan unless it raises the refundable portion of the child tax credit currently at $1,100. Tax-reform is widely viewed as inflationary, and expected to provide the economy with a fiscal lift.
Gold prices were on track to snap a three-week losing streak after rising sharply following the Federal Reserve interest rate decision to raise rates, and maintain its outlook for additional monetary policy tightening.
Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.
In other precious metal trade, rose 0.85% to $16.07 a troy ounce, while gained 0.91% to $889.25.
traded at $1.94, up 1.94%, while fell by 3.32% to $2.60 despite data on Thursday showing natural gas storage fell more than expected last week.
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Source: Investing.com
