CHICAGO, Oct. 20 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday after the U.S. senate passed a key budget resolution, paving way for tax reform.
The most active gold contract for December delivery lost 9.50 dollars, or 0.74 percent, to close at 1,280.50 dollars per ounce.
The Republican-controlled Senate passed a budget resolution for fiscal year 2018 Thursday night, taking a big step to push forward tax reform without support from Democrats.
The budget resolution will allow President Donald Trump's tax plan to add up to 1.5 trillion U.S. dollars to the deficit over a decade.
The latest development in Washington boosted the stocks and U.S. dollar index.
The Dow Jones Industrial Average climbed 143.15 points, or 0.62 percent to 23,306.19 points as of 1736 GMT. The S&P 500 and Nasdaq followed Dow's upturn.
Meanwhile, the U.S. dollar index, a gauge of the greenback against a basket of other major currencies, rose 0.55 percent to 93.67 as of 1726 GMT.
When the dollar index and equities rise, gold usually goes down.
As for other precious metals, silver for December delivery fell 17.7 cents, or 1.03 percent, to close at 17.078 dollars per ounce. Platinum for next January went up 90 cents, or 0.10 percent, to settle at 926.80 dollars per ounce.
