LONDON: Gold prices fell on Monday towards the four-week lows hit last week as the dollar rose after US politicians approved a major tax overhaul and the market looked ahead to a meeting of the Federal Reserve later this month.

Spot gold was down 0.6 per cent at $1,273.04 an ounce, at 1237 GMT compared with last Thursday`s $1,270.11, its lowest level since Nov 6.

US gold futures fell 0.5pc to$1,275.80 an ounce.

The US Senate narrowly approved a tax reform bill on Saturday, moving US President Donald Trump a big step closer to his goal of slashing taxes for businesses and the rich while offering everyday Americans a mixed bag of changes.

Meanwhile, silver slipped 0.8pc to $16.30 an ounce, platinum was 0.8pc lower at $930.3 an ounce and palladium lost 0.3pc to $1,017.25.-Reuters