Gold takes heart as possible delay to US tax plan sends dollar weaker
Bengaluru — Gold prices nudged higher on Wednesday, as the dollar slipped following a media report that suggested a delay in the implementation of a major corporate tax cut under a crucial US tax reforms plan. Spot gold was up 0.2% at $1,277.94/oz as of 4.26am GMT. It fell about 0.5% on Tuesday. US gold futures for December delivery gained 0.2% to $1,278.40. Senate Republican leaders were considering a one-year delay in implementing the centrepiece tax cut to comply with Senate rules, the Washington Post reported on Tuesday, citing unidentified sources. Republicans, who hold a slim majority in the US House of Representatives, forged ahead on Tuesday with legislation to reshape the US tax code, which the Democrats have blasted as a giveaway to corporations and the rich. Senate Republicans are expected to unveil their own tax bill at the end of the week, and early indications suggest it could differ significantly from the House legislation. "Gold began on the front foot this morning w...
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