Gold prices fell on Monday towards the four-week lows hit last week

Gold prices fell on Monday towards the four-week lows hit last week as the dollar strengthened after U.S. politicians approved a major tax overhaul and the market looked ahead to a meeting of the Federal Reserve later this month. The U.S. Senate approved a tax reform bill on Saturday, moving U.S. President Donald Trump a big step closer to his goal of cutting taxes for businesses and the rich while offering everyday Americans a mixed bag of changes. The dollar was boosted by expectations that tax cuts would boost growth, which could fuel inflation and reinforce the case for higher U.S. interest rates when the U.S. central bank meets on Dec. 12 and Dec. 13. However, on Friday two Federal Reserve policymakers urged caution in raising interest rates. British diplomats meantime struggled on Tuesday to propose a new solution to the risk of a "hard border" between Northern Ireland and the Republic once the UK leaves the EU, after Prime Minister Theresa May yesterday saw her coalition partners the DUP party reject any plans for Ulster to stay within the EU single market unless the rest of the UK also remains. In other precious metals, silver slipped 0.7 percent to $16.32 an ounce, platinum was down 1 percent at $927.5 and palladium lost 0.7 percent to $1,013.00.

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