Gold prices have seen moderate gains on the day, adding to the recent gains over this last week. Gold values have increased by approximately $30 over this last week, given that the lows exhibited on Tuesday took pricing to $1238 per ounce.

The Tax Cuts and Jobs Act bill was approved by the House today, passing 227 to 203. GOP Senate leaders plan to vote on the tax overhaul legislation immediately, where its final passage will be implemented.

Last week gold reached a six-month low when prices on Tuesday drifted to $1238 per ounce, a price not seen since July of this year. This was followed by a $16 uptick the following day, immediately following the release of this month’s FOMC statement.