Gold edged higher on Friday as the dollar eased as republicans’ tax reform drive hit by deficit projections - 4 Dec 2017

Gold edged higher on Friday as the dollar eased as republicans’ tax reform drive hit by deficit projections. The dollar index , which gauges the greenback against a basket of six major rivals, was down 0.22 per cent as the market endured the delay on a US tax reform bill. Senate Republicans’ effort to overhaul the US tax code hit an eleventh-hour hurdle on Thursday evening after a congressional watchdog determined the bill would send the budget deficit skyrocketing, sending party leaders scrambling to rework the legislation. In a further blow, the Senate’s parliamentarian, who rules on congressional procedure, barred the use of a “trigger” that would automatically raise taxes again if revenue targets were missed, a measure that leaders had hoped would placate Republican deficit hawks who are vital to the bill’s passage. Dollar index weakened and gold got a boost .

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