Gold prices rise, heading for weekly gains

Gold prices rose today, heading for weekly gains, as investors turned to safe-haven assets after Congress passed US President Donald Trump’s tax and spending cuts, which raised concerns about financial stability.

Spot gold rose 0.4% to $3,340.79 per ounce, bringing its weekly gains to nearly 2%. US gold futures also rose 0.3% to $3,351 per ounce.

The Republican-controlled House of Representatives passed a massive tax cut bill on Thursday, the final hurdle to legislation in Congress. The bill is expected to help fund President Trump’s domestic program, but it is also estimated to leave millions of Americans without health insurance benefits.