Gold edged up on Friday, poised for a weekly gain as U.S. President Donald Trump’s tax-cut and spending bill passed in Congress, raising fiscal concerns.
Spot gold rose 0.1% to $3,329.67 U.S. per ounce. Bullion is up 1.7% this week.
U.S. gold futures inched down 0.1% at $3,339.30.
Trump’s tax-cut legislation cleared its final hurdle in the U.S. Congress on Thursday, which will fund his immigration crackdown, make his 2017 tax cuts permanent and deliver new tax breaks that he promised during his 2024 campaign.
The nonpartisan Congressional Budget Office estimates the legislation would add $3.4 trillion over a decade to the nation’s $36.2 trillion debt.
Trump announced that letters specifying tariff rates on imports would begin being sent out Friday, signaling a shift from earlier pledges to negotiate individual trade deals.
In other metals, spot silver fell 0.5% to $36.66 U.S. per ounce, platinum rose 0.7% to $1,376.67 U.S. and palladium fell 0.6% to $1,130.60 U.S.
