Gold is firm near 2-1/2 weak peaks on softer greenback

Gold is firm near 2-1/2 weak peaks on softer greenback

On Thursday, gold hovered near two-and-a-half week maximums because market sentiment on the US currency was still fragile notwithstanding the vote of a key American tax reform bill and expected US economic reports.

Trading volumes were believed to become thinner throughout the trading week before the Christmas holiday.

In New York, gold futures were nearly intact hitting $1,268.70 a troy ounce, which is close to Wednesday's two-and-a-half week maximum of $1,271.80.

On Wednesday, the House of Representatives gave the long-awaited approval to the biggest American tax overhaul for the last 30 years. It became a major political win for Donald Trump.

Traders were also waiting a final American third-quarter economic surge report and also jobless claims and manufacturing activity.

Gold happens to be sensitive to any moves in the US currency. A weaker greenback usually makes gold more affordable for holders of foreign currency.

Meanwhile, silver futures headed south 0.22% being worth $16.24 a troy ounce.

 

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