Gold News & Info

Source:Bill Musgrave, American Gold Exchange

Austin— With U.S. markets closed for Presidents Day, gold was virtually flat in electronic trade, hovering near $1,239 as traders await details of President Trump's tax plan and additional signals from the Federal Reserve about the timing of rate hikes.

Earlier this month, Donald Trump announced that a "phenomenal" tax plan would be unveiled within a few weeks. Traders initially seized on the announcement as the first step in Trump's much-awaited program to stimulate economic growth, boosting the dollar.

Some of that initial euphoria subsided as no details were forthcoming, something the markets hope will change when Trump addresses a joint session of Congress next week. In the meantime, the dollar and gold are treading water, looking for direction in other areas.

Speaking in Singapore, Cleveland Fed chief Loretta Mester she is "comfortable" with raising interest rates if the U.S. economy continues its current performance. Higher rates typically support the dollar, weighing on gold and other commodities denominated in it for international trade by making them more expensive overseas.

The other precious metals were also little-changed, slipping less than 0.1% in electronic trade.