Gold prices fell in Asian trade on Monday, as the dollar gained on expectations that the United States' economy will expand further after the Senate passed a bill to overhaul the country's tax system.
The Senate narrowly approved the overhaul on Saturday, moving the Republican Party and President Donald Trump a big step closer to their goal of slashing taxes for businesses and the rich while offering everyday Americans a mixed bag of changes.
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 Russia.
"On the opening we kept lower and that was really a function of the weekend decision on the tax through the Senate," said a Hong Kong-based gold trader.
Spot gold was down 0.5 percent at $1,274.21 an ounce by 0336 GMT after rising 0.5 percent on Friday. U.S. gold futures were down 0.4 percent at $1,277.30 an ounce.
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