Gold prices rose on Friday, heading for a 2% weekly gain as investors turned to safe-haven assets following the U.S. Congress’s approval of President Donald Trump’s tax and spending bill, which has sparked broad financial concerns.
Spot gold increased by 0.4% to $3,340.79 per ounce, while futures rose 0.3% to $3,351.
Official estimates suggest the new law could add around $3.4 trillion to the U.S. national debt over the next decade, fueling market anxiety despite positive labor data showing a drop in unemployment to 4.1% and 147,000 new jobs added in June.
Gold typically benefits in times of economic uncertainty and low interest rates, as it is seen as a safe-haven asset that does not yield interest.
Among other precious metals, silver held steady at $36.84 per ounce, platinum rose 1.4% to $1,386.16, while palladium slipped 0.5% to $1,141.97.
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