Gold Sits Near One-week Low at $1,283.85/Ounce

Gold Sits Near One-week Low at $1,283.85/Ounce

- in CHEMICAL & PETRO-CHEMICAL, COVER, NEWSLETTER
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Precious Metal, Gold on Thursday, November 30, held near a one-week low hit in the previous session, as the dollar firmed amid upbeat U.S. growth data and as a likely vote neared on U.S. tax
legislation.

Spot gold was little changed at $1,283.85 an ounce at 0050 GMT. On Wednesday, it fell 0.8 percent 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 percent for the month.

U.S. gold futures were up 0.1 percent at $1,283.10. The dollar index , which gauges the greenback against a basket of six major rivals, was up 0.1 percent.

The U.S. 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.

U.S. Treasury yields rose across most maturities on Wednesday, bolstered by upbeat remarks on the economy by Federal Reserve Chair Janet Yellen and data showing stronger than expected U.S. economic growth for the third quarter, Reuters reports.

 

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