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Gold Drops On Tax Reform Euphoria

Gold futures fell Monday morning as US stocks were set to rally after U.S. tax reform cleared a significant hurdle.

The Senate voted 51 to 49 in favor of the bill known as the Tax Cuts and Jobs Act.

a busy week on the economic calendar includes reports on factory orders, service sector activity, labor productivity and consumer sentiment slated for release.

The all-important monthly jobs report will be released on Friday, days before the Federal Reserve's December monetary policy meeting Dec. 12-13.

Gold was down $5 at $1277 an ounce.

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