Bengaluru — Gold was mostly unchanged in Asian trade on Wednesday after sliding to a two-month low in the previous session, despite a slightly weaker dollar. Spot gold was steady at $1,266.28 an ounce by 3.52am GMT. The session before, it hit its lowest since October 6 at $1,260.71. US gold futures were up 0.3% at $1,268.60. The dollar edged down on Wednesday, as concern about a possible US government shutdown offset optimism about progress on tax reform legislation. The Republican-controlled US House of Representatives voted on Monday to go to conference on tax legislation with the Senate, moving Congress another step closer to a final bill. "Purely technically, gold is range-bound. We think the dollar strength is not going to last long," said Dominic Schnider at UBS Wealth Management in Hong Kong. "We do not think that Trump’s tax reforms will create a long lasting boost to growth nor will they change our stance of two rate hikes next year," Schnider said. "Gold stays under pressu...
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.