Daily Gold Update

Source:Bill Musgrave, American Gold Exchange

AustinGold gained 0.6% to close at a three-week high just under $1,284 as growing uncertainty about tax reform eroded the dollar, boosting demand for alternative assets.

Senate Republicans may postpone of corporate tax cuts until 2019, hoping to ease compliance with Senate rules against increasing the national debt. At the same time, changes to the House Republican's plan would push the bill $74 billion over the Senate's $1.5 trillion deficit limit, meaning it cannot pass the Senate.

The dollar dipped against major rivals as traders speculated that the shifting prospects for tax cuts may change the calculus for rate hikes next year. A softer dollar lifts gold and other commodities by making them less expensive overseas.

The other precious metals fared even better than gold. Palladium jumped 2.2% to a new 16-year high while silver and palladium rose 1.2% and 1.4%, respectively.

At the Comex close: December gold gained $7.90 to $1,283.70; December silver for climbed 20 cents to $17.14; January platinum added $12.60, to $937.90; and December palladium surged $21.70 to $1,015.80 an ounce.