Gold holds near one-week low as dollar firms

Gold on Thursday held near a one-week low hit in the previous session, as the dollar firmed amid upbeat US growth data and as a likely vote neared on US tax legislation.

Fundamentals

Spot gold was little changed at $1,283.85 an ounce at 0050 GMT. On Wednesday, it fell 0.8 per cent to touch its lowest since Nov. 22 at $1,281.90. Still, bullion is heading for its first monthly gain since August, having risen about 1 per cent for the month.

US gold futures were up 0.1 per cent at $1,283.10.

The dollar index , which gauges the greenback against a basket of six major rivals, was up 0.1 per cent.

The US Senate on Wednesday took a step toward passage of tax legislation that is a top White House priority, setting up a likely decisive vote later this week even though it was unclear if the bill has enough Republican support to become law.

The US economy grew faster than initially thought in the third quarter, notching its quickest pace in three years, buoyed by robust business spending on equipment and an accumulation of inventories.

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Source: #Economictimes