Bengaluru : Gold was little changed on Tuesday amid a steady dollar, with investors considering the potential impact of a sweeping tax legislation in the United States that Congress appeared all but certain to pass this week.
Spot gold was steady at $1,261.41 an ounce as of 0346 GMT, while U.S. gold futures were down 0.1 percent at $1,264.80 an ounce. Two Senate Republican holdouts agreed on Monday to support the tax overhaul backed by President Donald Trump, with the House of Representatives set to vote on Tuesday and the Senate either later on Tuesday or on Wednesday. The dollar remained mired in its recent ranges, as optimism that the bill would pass duelled with concerns about what its ultimate effect on growth would be. "I would expect the dollar to move higher ahead of the passage of the bill and then move lower as investors assess the impact on the U.S. economy," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.