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Gold Poised for Weekly Rise

Nov 10, 2017 (Baystreet.ca via COMTEX) --

Gold dropped slightly in price on Friday on a firmer dollar, but uncertainty over U.S. tax reforms helped prices stay close to a three-week high touched in the previous session.

Bullion was on track for its first weekly gain in about a month.

Spot gold was down 0.1% at $1,283.61 U.S. per ounce early Friday morning, though it was headed for a gain of more than 1% for the week. On Thursday, it touched its highest since Oct. 20 at $1,288.34 U.S. an ounce.

U.S. gold futures for December delivery were down 0.3% at $1,284.20 U.S.

The dollar index, which weighs the greenback versus a basket of major currencies, was up 0.1%, though still on track for a weekly loss, pressured by developments surrounding the tax bill put forth by U.S. Senate Republicans.

The Senate tax plan differed from one offered up by the U.S. House of Representatives on several key fronts, including how they treat the corporate tax rate, the tax deduction for state and local taxes, and the estate tax.

Analysts say spot gold may edge up to a resistance at $1,292 U.S. per ounce, a break above which could lead to a gain to $1,299.

In other precious metals, palladium slipped 0.1% at $1,010.50 U.S. an ounce after touching its highest since 2001 at $1,026.10 U.S. on Thursday. It was up about 1.4% for the week.

Silver rose 0.1% to $17.01 U.S. per ounce. It has gained 1.1% for the week and is on track for its first weekly rise in four.

Platinum was down 0.2% at $935 an ounce after hitting a near four-week high of $939.30 U.S. on Thursday. It rose about 1.6% for the week.

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