Economic news

Gold wobbles near 2-week peak as dollar dips

Gold prices sank but remained near a two-week peak on Thursday as traders assessed a U.S. tax bill passage.

February gold on Comex, slipped $1, or less than 0.1%, to $1,268.70 an ounce. Gold futures rose 10% for the year.

The dollar Index DXY dipped in early trade but had recovered 0.1% to 93.40. News that the Bank of Japan had kept its ultra-loose monetary policy buoyed the greenback against the yen, however, the dollar index remained in a narrow range. Gold, which is priced in dollars, is highly volatile to moves in its exchange rate.

Global financial markets broadly reacted calmly on the approval a day earlier of U.S. tax bill. The long-anticipated tax reform was mostly priced in.

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