Gold hovers near two-month lows as dollar firms

Gold hovers near two-month lows as dollar firms

Gold hovers near two-month lows as dollar firms

Gold dipped slightly and held near a two-month low on Wednesday, under pressure from a firmer US dollar ahead of a vote on the USA tax reform plan, but a potential government shutdown lent support to prices.

Spot gold was steady at $1,266.28 an ounce by 0352 GMT. The session before, it hit its lowest since October 6 at $1260.71. USA gold futures were up 0.3 percent at $1,268.60.

The dollar inched up against its peers on Thursday, as optimism towards United States lawmakers making progress on tax legislation continued to grow.

The U.S. Senate will vote on Wednesday on whether to send its tax legislation to a conference to hammer out differences with the U.S. House of Representatives' version of the plan.

Adding pressure on gold was market expectation that the US Federal Reserve is nearly certain to raise interest rates next week at its final monetary policy meeting for the year, a view reinforced by a Reuters poll of economists.

Unranked Washington Upsets No. 2 Kansas, 74-65
Their tough tests will not slow down, as their next matchup comes against the No. 12 Gonzaga Bulldogs on Sunday. A 74-65 loss to Washington was the second straight game Kansas (7-1) struggled against a zone defense.

"Gold stays under pressure in the short run as the market is repricing a little bit more Federal Reserve activity next year and the global economy is sparking an uptrend, earnings coming in well and the value for safe-haven assets like gold is diminishing", said Dominic Schnider at UBS Wealth Management in Hong Kong. Gold is highly-sensitive to rising interest rates, as these tend to boost the dollar, in which the metal is priced.

Meanwhile, holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, fell on Tuesday.

Silver broke below $16.00 for the first time in 4-1/2 months on follow-through selling from the previous session, said John Lawrence, senior metals trader for Heraeus Precious Metals in NY.

In other precious metals, silver fell 0.1% to $15.95 an ounce, after hitting its lowest since mid-July in the previous session at $15.88 an ounce. Palladium rose 1.2 percent at $994.40 an ounce.

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