Gold dipped slightly and held near a two-month low on Wednesday, under pressure from a firmer U.S. dollar ahead of a vote on the U.S. tax reform plan, but a potential government shutdown lent support to prices. Spot gold was down 0.1 percent at $1,264.57 an ounce by 1:41 p.m. EST (1841 GMT). A day earlier, it hit its weakest since Oct. 6.
U.S. gold futures for February delivery edged higher to settle up $1.20, or 0.1 percent, at $1,266.10 per ounce. The dollar hit a two-week high against a basket of currencies on optimism about progress on U.S. tax legislation.
A stronger greenback makes dollar-priced assets like gold more expensive for holders of other currencies. Gold was pressured by the view. Federal Reserve is almost certain to raise interest rates next week.
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