Gold futures fall as the dollar firmed

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday on a third straight session, as the dollar firmed and stocks traded broadly higher.

The most active gold contract for June delivery fell 3 U.S. dollars, or 0.24 percent, to settle at 1,264.20 dollars per ounce.

The U.S. Dollar Index traded 0.2 percent higher, keeping pressure on gold, which is traded in the greenback. The index, however, was a bit stronger before the tax reform announcement.

Year to date, gold futures have climbed just shy of 10 percent, and remain up around 1 percent month to date. But the commodity so far has failed to top a key technical barrier at 1,300 dollars per ounce.

Equities also reacted positively to the proposed tax plan, putting pressure on gold, as the U.S. Dow Jones Industrial Average rose by 36.25 points, or 0.17 percent as of 1840 GMT.

No major economic reports were released on Wednesday, but traders are waiting for the durable goods orders, international trade in goods, and weekly jobless claims on Thursday, and finally the gross domestic product report on Friday.

Silver for May delivery fell 22.8 cents, or 1.3 percent, to close at 17.363 dollars per ounce. Platinum for July delivery dropped 9.5 dollars, or 0.99 percent, to close at 948.10 dollars per ounce. Endit