Gold futures on the COMEX division of the New York Mercantile Exchange rallied on Wednesday as the U.S. dollar lost some momentum on possible delay in tax reform.
The most active gold contract for December delivery went up 7.90 dollars, or 0.62 percent, to close at 1,283.70 dollars per ounce.
Top Republican senators are concerned that their recent election losses in Virginia and New Jersey could complicate tax reform. They are considering a one-year delay in implementing the tax-cut, according to a Washington Post report.
This made the U.S. dollar index take a break from multi-month highs on Wednesday.
The index, a gauge of the greenback against a basket of other major currencies, just managed to climb 0.02 percent to 94.87 as of 1820 GMT.
The U.S. dollar index and gold typically move inversely. A weakening dollar would make gold more attractive to foreign investors using other currencies.
However, a looming U.S. interest rate hike in December curb the gains of gold futures.
As for other precious metals, silver for December delivery rose 19.8 cents, or 1.17 percent, to close at 17.138 dollars per ounce. Platinum for next January went up 12.6 dollars, or 1.36 percent, to settle at 937.90 dollars per ounce.
The most active gold contract for December delivery went up 7.90 dollars, or 0.62 percent, to close at 1,283.70 dollars per ounce.
Top Republican senators are concerned that their recent election losses in Virginia and New Jersey could complicate tax reform. They are considering a one-year delay in implementing the tax-cut, according to a Washington Post report.
This made the U.S. dollar index take a break from multi-month highs on Wednesday.
The index, a gauge of the greenback against a basket of other major currencies, just managed to climb 0.02 percent to 94.87 as of 1820 GMT.
The U.S. dollar index and gold typically move inversely. A weakening dollar would make gold more attractive to foreign investors using other currencies.
However, a looming U.S. interest rate hike in December curb the gains of gold futures.
As for other precious metals, silver for December delivery rose 19.8 cents, or 1.17 percent, to close at 17.138 dollars per ounce. Platinum for next January went up 12.6 dollars, or 1.36 percent, to settle at 937.90 dollars per ounce.
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