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Gold Slips On Stronger Dollar

Gold prices fell Monday as the dollar rallied upon the passage of signficant U.S. tax reform.

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

However, President Donald Trump now says he may prefer a higher corporate rate than the one Senate Republicans passed.

"Business tax all the way down from 35 to 20," Trump said "It could be 22 when it all comes out, but it could also be 20. We'll see what ultimately comes out."

Feb. gold settled at $1,277.70/oz, down $4.60, or 0.4%.

In economic news, a report released by the Commerce Department on Monday showed a modest decrease in new orders for U.S. manufactured goods in the month of October.

Factory orders edged down by 0.1 percent in October after surging up by 1.7 percent in September. Economists had expected orders to drop by 0.4 percent.

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