Gold Price Flat Amid Tax Reform

Washington (Dec 19)  Gold futures were flat Tuesday, holding most of their recent gains as US stocks turned negative.

The recent rally in stock prices has failed to dent gold prices. Traders are weighing the year's final economic data in an effort to suss out the Federal Reserve's interest rate outlook for next year.

Wall Street was also looking to DC as lawmakers prepared to pass Republican tax reform, which would cut corporate and individual tax rates.

"The House and Senate have agreed to a unified tax plan, and we will deliver it to the President's desk just in time for Christmas," said House Majority Leader Kevin McCarthy, R-Calif.

The House is scheduled to vote on the bill on Tuesday, with a vote in the Senate expected to follow by week's end.

Meanwhile, a report from the National Association of Home Builders showed an unexpected improvement in homebuilder confidence in the month of December.

The report said the NAHB/Wells Fargo Housing Market Index jumped to 74 in December from a downwardly revised 69 in November.

Economists had expected the index to come in unchanged compared to the 70 originally reported for the previous month.

With the unexpected increase, the housing market index reached its highest level since hitting 75 in July of 1999.

AllianceNews

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