Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as the U.S. dollar declined following the unveiling of a tax plan by House Republicans.
The most active gold contract for December delivery edged up 80 U.S. cents, or 0.06 percent, to close at 1,278.10 dollars per ounce.
The dollar fell and the 10-year Treasury yields slid to two-week lows after House Republicans proposed to slash the corporate tax rate to 20 percent from 35 percent and reduce the number of tax brackets for individuals.
The U.S. dollar Index edged down by 0.2 percent as of 1830 GMT. Gold and the dollar typically move in opposite directions, as gold priced in greenbacks is more attractive to investors using another currency.
As for other precious metals, silver for December delivery fell 3.9 cents, or 0.23 percent, to close at 17.137 dollars per ounce. Platinum for January dropped 8.9 dollars, or 0.95 percent, to settle at 927.80 dollars per ounce.
The most active gold contract for December delivery edged up 80 U.S. cents, or 0.06 percent, to close at 1,278.10 dollars per ounce.
The dollar fell and the 10-year Treasury yields slid to two-week lows after House Republicans proposed to slash the corporate tax rate to 20 percent from 35 percent and reduce the number of tax brackets for individuals.
The U.S. dollar Index edged down by 0.2 percent as of 1830 GMT. Gold and the dollar typically move in opposite directions, as gold priced in greenbacks is more attractive to investors using another currency.
As for other precious metals, silver for December delivery fell 3.9 cents, or 0.23 percent, to close at 17.137 dollars per ounce. Platinum for January dropped 8.9 dollars, or 0.95 percent, to settle at 927.80 dollars per ounce.
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