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Gold slumps in Asia as greenback grows
On Monday, gold sank in Asia because the US currency showed strong revenues after Japan's Premier Shinzo Abe managed to win re-election, thus indicating continued easy policy.
December delivery gold futures went down 0.24% in New York reaching $1,277.39 a troy ounce.
Overnight, the number one precious commodity dipped, suppressed by the stronger greenback that spurred after Donald Trump's intention to overhaul the tax code removed a critical hurdle.
On Friday, the evergreen buck rallied, making this precious metal less affordable for holders of other currencies, right after Senate Republicans officially approved a budget measure, which will enable them to proceed with tax cuts without support from the Democrats.
The US dollar index concluded the week up 0.69%, which is its fifth weekly soar for six weeks. Market participants actually expect a fiscal boost to spur inflation, increasing pressure on the Fed to lift interest rates, dubbed the "Trumpflation" trade.
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