Bengaluru — Gold prices held within a tight range in Asian trade on Tuesday, supported by a slightly weaker dollar as investors awaited the next steps over US tax reform legislation for clues. Spot gold was nearly unchanged at $1,275.24/oz by 4.05am GMT. It shed 0.3% in the previous session. US gold futures were steady at $1,277.90. The dollar dipped on Tuesday, after climbing to two-and-a-half-week high against the yen on Monday after the US Senate approved a major tax reform bill, moving Republicans and President Donald Trump closer to their goal of slashing taxes for businesses. "Gold is expected to trade in a narrow range between $1,260/oz-$1,290/oz — with near-term movements more towards the lower end of the range. The passage of the US tax bill would likely boost equities and be detrimental to gold," said John Sharma, an economist with National Australia Bank. However, an ongoing investigation into contacts between Trump’s election campaign and Russia, after Michael Flynn, for...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.