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Business

REUTERS
December 7, 2017

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Gold firm

Bengaluru: Gold was mostly unchanged in Asian trade on Wednesday after sliding to a two-month low in the previous session, despite a slightly weaker dollar.
Spot gold was steady at $1,266.28 an ounce by 0352 GMT. The session before, it hit its lowest since Oct. 6 at $1260.71. U.S. gold futures were up 0.3 percent at $1,268.60.
The dollar edged down on Wednesday, as concerns about a possible U.S. government shutdown offset optimism about progress on tax reform legislation. The Republican-controlled U.S. House of Representatives voted on Monday to go to conference on tax legislation with the Senate, moving Congress another step closer to a final bill.
"Purely technically, gold is range-bound. We think the dollar strength is not going to last long," said Dominic Schnider at UBS Wealth Management in Hong Kong.

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