Gold slips as U.S. dollar, equities rise over U.S. tax reform

CHICAGO, Dec. 4 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Monday as the dollar rallied upon the passage of U.S. tax reform.

The most active gold contract for February delivery fell 4.60 U.S. dollars, or 0.36 percent, to close at 1,277.70 dollars per ounce.

The U.S. Senate over the weekend passed a tax reform proposal, which helped strengthen the U.S. dollar and fueled a rally in most U.S. stock indexes.

The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, rose 0.16 percent to 93.25 as of 1823 GMT.

Meanwhile, the Dow Jones Industrial Average increased 203.76 points, or 0.84 percent, to 24,435.35 points as of 1834 GMT.

When the U.S. dollar strengthens and equities post gains, the prices of gold usually go down, as a firmer dollar makes gold less attractive to foreign investors using other currencies while rallying equities lure investors to the stock market.

As for other precious metals, silver for March delivery fell 1.5 cents, or 0.09 percent, to close at 16.373 dollars per ounce. Platinum for next January lost 14.6 dollars, or 1.55 percent, to settle at 926.00 dollars per ounce. Enditem