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

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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