Gold Edges Higher on Fiscal Debt Concerns while Traders await US Jobs Data
Spot gold was up 0.1% at $3,340.67 per ounce at 1157 GMT. US gold futures were steady at $3,351.10.
"The markets are again focused on the US fiscal situation ... and combined with uncertainty about the July 9 tariff deadline, these create fog for traders, who are directing flows towards safe-haven assets like gold," said Ricardo Evangelista, senior analyst at brokerage ActivTrades, Reuters reported.
US Senate Republicans narrowly passed President Donald Trump's tax and spending bill on Tuesday, a package cutting taxes, reducing social safety net programmes and boosting military spending while adding $3.3 trillion to the national debt.
"We still think debt level concerns, ongoing pressure on the Fed to adjust their rates and weaker US economic data will support the price of gold," said UBS commodity analyst Giovanni Staunovo.
Data on Tuesday showed US job openings increased unexpectedly in May, but a decline in hiring added to signs that the labor market has shifted into lower gear.
Fed Chair Jerome Powell reiterated that the US central bank plans to "wait and learn more" about the impact of tariffs on inflation before lowering interest rates, again setting aside Trump's demands for immediate and deep rate cuts.
The focus now shifts to US ADP employment data due later in the day, followed by June non-farm payroll figures on Thursday, for further insights into labor market conditions.
In other precious metals, spot silver gained 0.5% to $36.24 an ounce, platinum rose 2.2% to $1,380.31 and palladium climbed 2% to $1,122.
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