Gold prices pared gains after touching a two-week high on Thursday, after Republicans in the U.S. House of Representatives unveiled legislation to overhaul the U.S. tax system. Investors also focused their attention on the nomination of a new U.S. Federal Reserve chair, who could influence the pace of future interest rate increases.

The dollar fell and U.S. 10-year Treasury yields slid to two-week lows after House Republicans proposed to slash the corporate tax rate to 20 percent from 35 percent and reduce the number of tax brackets for individuals.

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