Gold futures rise on weakened U.S. dollar
Xinhua,December 19, 2017 Adjust font size:
CHICAGO, Dec. 18 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange extended its winning streak for a fourth session Monday, rising in anticipation of the expected passage of the much-awaited tax bill.
The most active gold contract for February delivery rose eight dollars, or 0.64 percent, to close at 1265.50 dollars per ounce.
Top U.S. Republicans expect Congress to pass the tax bill this week, with votes in the House of Representatives and Senate as early as Tuesday. But even as financial markets continue to monitor the progress of the bill, the implication for gold prices are somewhat mixed.
The U.S. Dollar Index, a measure of the greenback against a basket of other major currencies, fell 0.3 percent to 93.66 as of 1820 GMT. A weaker dollar boosts gold as the falling currency makes the dollar-priced bullion more attractive to investors using another currency.
As for other precious metals, silver for March delivery edged up 14.2 cents, or 0.88 percent, to settle at 16.205 dollars per ounce. Platinum for January rose 23.8 dollars, or 2.68 percent, to close at 913.2 dollars per ounce. Enditem