Gold prices down in Asia as Dollar gains
Gold prices fell in Asia as the dollar showed strong gains after Japan's Premier Shinzo Abe resoundingly won re-election, signalling continued easy policy.Overnight, gold prices fell on Friday, pressured lower by the stronger U.S. dollar which was boosted after President Donald Trump's plans to overhaul the tax code cleared a critical hurdle.The dollar rose on Friday, making gold more expensive for holders of other currencies, after Senate Republicans approved a budget measure that will allow them to pursue tax cuts without support from the Democratic Party.The index ended the week up 0.69%, its fifth weekly increase in six weeks. Investors expect a fiscal boost to push up inflation, adding pressure on the U.S. Federal Reserve to raise interest rates, known as the "Trumpflation" trade.
(Source: Investing)
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