By President Donald Trump
Singapore, July 04 (QNA) – Gold prices rose on Friday and were on track for a weekly gain, buoyed by concerns over US fiscal stability following the passage of a sweeping tax-cut and spending bill in Congress.
However, stronger-than-expected US employment data limited further upside for the precious metal.
In Asian trading, spot gold rose 0.4% to $3,340.79 per ounce, bringing its total gains for the week to around 2%.
US gold futures also climbed 0.3%, reaching $3,351 per ounce.
The rally comes in the wake of the US House of Representatives approving a major tax and spending package championed by President Donald Trump.
The bill has sparked fiscal concerns due to its projected impact on the federal deficit and social welfare programs. Analysts warn that the legislation could lead to millions of Americans losing access to health insurance.
Elsewhere in the precious metals market, spot silver remained flat at $36.84 per ounce. Platinum gained 1.4% to $1,386.16, while palladium edged down 0.5% to $1,141.97 per ounce. (QNA)