Gold Down

Gold fell on Friday on a firmer dollar after US President Donald Trump promised a major tax announcement and as economic data boosted expectations of a US rate hike, Reuters reported. Spot gold was down 0.5% at $1,223.93 per ounce, On Wednesday, it touched its highest since Nov. 11 at $1,244.67. US gold futures dropped as much as over 1% to $1,223.30 an ounce. “The reversal (in prices) was almost entirely due to the surge in the dollar that took place after President Trump revealed he had a ‘phenomenal’ tax plan ready for unveiling in a few weeks’ time,” said INTL FCStone analyst Edward Meir.