Gold gains in Asia as Investors eye US tax cut progress, dollar
Gold edged higher in Asia as the dollar eased slightly on concerns about the final leg of passage for US tax cuts -- agreement on the House and Senate versions. Overnight, gold prices came under pressure on Monday amid a stronger dollar after the U.S. Senate approved a tax bill aimed at overhauling the U.S. tax system and boosting economic growth. US senators passed a tax by narrow by a 51-49 vote, stoking investor hopes of a fiscal boost to the U.S. economy, spurring a rally in the dollar, which pressured demand for gold. The Senate and the House of Representatives is expected to get talks underway this week to reconcile their respective bills. Rising investor hopes on tax reform comes as the Federal Reserve entered its blackout period ahead of the Dec. 12-13 meeting amid expectations that the central bank will raise rates for the third time this year.
Source : Investing
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