Gold hovers near 2-week peaks on softer greenback

Gold hovers near 2-week peaks on softer greenback

On Tuesday, gold hovered near a two-week maximum because caution surrounding American tax reform plans and upcoming US housing sector data suppressed the US currency.

In New York, gold futures gained 0.13% being worth $1,267.20 a troy ounce, which is off a two-week peak of $1,267.80 reached overnight.

Congress is believed to approve the tax bill already this week.

Market participants were waiting for reports on US building permits and also housing starts. This data is scheduled to emerge on Tuesday.  The reports are expected to provide further clues on the strength of the US housing market.

The U.S. dollar index, gauging the evergreen buck’s strength against a basket of six crucial currencies, headed south 0.10% showing 93.14.

Gold is traditionally sensitive to moves in the US currency. A weaker greenback makes gold more affordable for holders of foreign currency.

Additionally, silver futures dived 0.09% in New York being worth $16.19 a troy ounce.

 

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