The uncertainty of the Trump tax cut bill stimulates the demand for safe-haven gold.

The price of gold rose nearly 1% on Wednesday, touching the highest level in over a week, as the weakening of the dollar and fiscal uncertainty sparked demand for safe-haven assets amid debates in the US Congress over a comprehensive tax bill. Marex analyst Edward Meir stated, "With Moody's downgrade of the US rating, combined with ongoing doubts about the Trump tax reform bill, the weakening US dollar index is favorable for gold." Trump's tax cuts and spending bill will face a critical stress test later today, as House Republicans attempt to overcome internal divisions concerning cuts to healthcare subsidies and tax reductions in high-cost coastal states.