WASHINGTON (dpa-AFX) - Gold prices rose sharply on Friday to hit a two-week high as a weaker dollar and ongoing volatility in global bond markets helped spur safe haven demand for the previous metal.
Spot gold jumped nearly 1 percent to $3,325.95 per ounce in early European trade and headed for the biggest weekly gain in more than a month. U.S. gold futures were up 1 percent at $3,326.91.
Bullion attracted fresh bids as the dollar remained on course to snap a four-week winning streak due to U.S. fiscal health worries.
Renewed U.S.-China trade tensions, persistent geopolitical risks and Fed rate cut bets also boosted the precious metal's safe-haven demand appeal.
U.S. President Donald Trump's 'big, beautiful' tax bill now heads to the Senate for debate and review after passing the House of Representatives by a 215-214 vote.
Trump has said he wants to sign the bill, which includes key tax provisions and spending cuts, into law by July 4.
According to an estimate by the Congressional Budget Office, the tax bill could increase the federal fiscal deficit by $3.8 trillion over the next decade, adding to the existing debt of $36.2 trillion.
Meanwhile, Federal Reserve Governor Christopher Waller said Thursday during an appearance on Fox Business that the central bank could cut interest rates in the second half of 2025 if the Trump administration's tariffs on U.S. trading partners settle around 10 percent.
Separately, the U.S. Supreme Court strongly suggested that Federal Reserve board members would have greater protection against being fired by a president, helping quell concerns that the president might move to fire Jerome Powell.
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