Gold at fresh lows for the month as dollar's win streak expands
By Rachel Koning Beals
ICE Dollar Index up to 93.344, trading around its highest levels since Aug. 23
Gold fell for a second-straight session Wednesday as stocks and the dollar aimed higher while markets awaited details on U.S. tax reform.
That sets the yellow metal on a course to finish at a fresh September low.
December gold traded down $7.30, or 0.6%, to $1,295.80 and has so far moved as low as $1,288.80 intraday. THE SPDR Gold Trust exchange-traded fund (GLD) traded 0.3% lower premarket.
The greenback continued to rise on Wednesday, with a key dollar index jumping to a more than one-month high as investors looked ahead to President Donald Trump's announcement on tax reforms (http://www.marketwatch.com/story/wilbur-ross-done-right-tax-reform-could-boost-economy-by-1-2017-09-26) accompanied with an expected dose of uncertainty around how to fund the changes.
The ICE Dollar Index climbed 0.4% to 93.344, trading around the highest levels since Aug. 23, according to FactSet data. The index, which measures the buck against a basket of six other currencies, now has risen for three days straight.
A strengthening buck makes it more expensive for holders of other currencies to buy dollar-denominated commodities, including gold.