Trade Magnates - Gold prices were trading around their highest in two-week on Tuesday as investors are watching closely the US tax reform plans progress. Gold futures were up trading at $1,267.20 a troy ounce.
US dollar index was down at 93.14 on Tuesday. The dollar was gaining strength last Friday after Republicans completed their tax bill plan increasing confidence of its approval by the Congress with a senate vote on Tuesday.
Investors are looking ahead to reports on U.S. building permits and housing later Tuesday for further indications on the strength of the housing market. A weaker dollar makes gold less expensive for holders of foreign currency.