Gold steadies above $1275 as dollar stabilises

FOREX-Dollar snaps three-day losing streak on US tax plan bets

The euro, meanwhile, also fell against the dollar, down 0.34 percent at $1.1848, pushing the dollar index to trade up 0.3 percent on the day at 93.181.

The dollar rose half a percent on Monday against a trade-weighted basket of currencies after the U.S. Senate approved a tax overhaul at the weekend, though gains were limited by doubts that interest rates would rise as a result.

Spot gold was at $1,275.81 an ounce at 1035 GMT, little changed from $1,275.91 late on Monday.

Talks will begin, likely this week, between the Senate and the House of Representatives, which already approved its own version of the legislation, to reconcile their respective bills.

Spot gold was almost unchanged at $1,275.24 an ounce by 0405 GMT.

It has held broadly between $1,271 and $1,289 so far this month, after posting its narrowest monthly range in 12 years in November.

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The dollar rebounded to a two-week high on Monday after taking a brief hit on Friday on news that Michael Flynn, former national security adviser to President Trump, pleaded guilty to lying to the U.S. Federal Bureau of Investigation about his contacts with Russian Federation.

"Without this demand spark, gold just remains very, very sensitive to the United States dollar". Higher rates tend to boost the dollar, making the greenback-denominated gold more expensive for buyers using other currencies.

The U.S. central bank is widely expected to raise benchmark interest rates for the third time this year, at its meeting next week.

Gold is highly sensitive to rising USA interest rates, which lift the opportunity cost of holding non-yielding bullion.

Spot gold looks neutral in a narrow range of $1,272-$1,277 per ounce, Reuters technicals analyst Wang Tao said. Among other precious metals, silver was down 0.1 per cent at $16.30 an ounce.

Platinum was 0.4 percent higher at $927.30 an ounce and palladium was up 0.7 percent to $998.48.



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