LONDON: Gold prices fell on Friday after the US Senate approved a budget blueprint that paves the way for tax cuts, causing stocks, the dollar and bond yields to rise.

The Republican-controlled Senate voted by 51-to-49 late on Thursday for the measure, clearing a hurdle for tax cuts that would add up to $1.5 trillion to the federal deficit over the next decade.

Investors betting on faster economic growth as a result bought riskier assets while bond holders reduced their positions on worries that inflation and federal borrowing could rise.

In other precious metals, silver was down 0.2 per cent at $17.16 an ounce, taking its fall this week to around 1 percent. Platinum was flat at $921.20 an ounce.

Published in Dawn, October 21st, 2017