Gold prices dip in Asia on stronger Dollar, Trump fed choice awaited.
Gold prices dipped in Asia with a stronger dollar weighing and markets awaiting President Donald Trump's selection for the new Fed chief. Overnight, gold prices fell on Tuesday as traders continued to ditch safe-haven gold amid ongoing risk-on sentiment while an uptick in the dollar added to downside momentum in the precious metal. Gold prices came under pressure as the dollar edged higher on signs of progress toward pro-growth tax reform and data showing bullish manufacturing and services growth. House Republicans aim to introduce their tax bill on Nov. 1, CNBC reported citing a Capitol Hill source, fuelling investor expectations that tax reform is edging closer to fruition. News on the progress of tax reform came just hours after investor expectations of solid quarterly economic growth received a boost on the back of data showing manufacturing and services activity topped economists’ forecasts.
(Source: Investing)
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