Reuters – Gold edged higher on Friday as the dollar weakened following a report that US President Donald Trump's 2016 election campaign was subpoenaed for documents containing specified Russian keywords from more than a dozen officials.
Investigators looking into possible Russian interference in last year's US presidential election issued the subpoena last month, the Wall Street Journal reported.
Spot gold was up 0.4% at $1,282.65 per ounce, as of 0938 GMT. It is up about 0.7% for the week, poised to post a second straight weekly gain.
"The fall in the dollar and strengthening in Asian currencies have made gold attractive for Asian investors," said John Sharma, an economist with National Australia Bank.
However, uncertainties surrounding a US tax reform bill and a likely interest rate hike by the Federal Reserve (Fed) next month are sending mixed signals to the market, keeping gold range-bound, he said.
"Prices should likely continue to hover between $1,260 and $1,290 in the short-term," he added.
US Republican lawmakers on Thursday took an important step toward the biggest tax code overhaul since the 1980s as the House of Representatives approved a broad package of tax cuts sought by Trump.