Gold prices were nearly unchanged early on Wednesday as the dollar held steady on expectations of a US tax overhaul.
Fundamentals
Spot gold was steady at $1,261.79 an ounce at 0051 GMT.
US gold futures were little changed at $1,264.80 an ounce.
The dollar was supported on Wednesday after the House of Representatives approved the biggest US tax overhaul in 30 years on Tuesday, though Congressional Republicans will likely need to hold another vote later on Wednesday due to procedural issues.
Asian shares fell on Wednesday, taking their cues from Wall Street with investor enthusiasm toward US tax changes ebbing as the long-awaited reform bill wound its way through Congress.
The US Congress is struggling through another contentious week as infighting over defense spending, healthcare and other matters complicates the drive to pass a temporary spending bill by midnight on Friday to avert a partial government shutdown.
US single-family homebuilding and permits surged to more than 10-year highs in November, in a hopeful sign for a housing market that has been hobbled by supply constraints.
Minneapolis Federal Reserve Bank President Neel Kashkari, who this year has dissented three times in votes at the US central bank's policy meetings which raised rates despite low inflation, on Tuesday repeated his view that the labor market still shows signs of slack and could be improved.
The US tax overhaul will give the economy a bit of a lift next year, but will have little lasting impact, according to a brief analysis from the Federal Reserve Bank of San Francisco.
European Central Bank policymakers are beginning to think of how to support the euro zone economy after their 2.55 trillion euro quantitative easing (QE) scheme comes to an end and as strong growth reduces the need for aggressive stimulus.
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Source: Economictimes
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