Lates News

The price of gold rose nearly 1% on Wednesday, reaching the highest level in over a week as the weakening US dollar and financial uncertainty sparked by debates in the US Congress over a comprehensive tax bill stimulated demand for safe-haven assets. Marex analyst Edward Mells stated, "Moody's downgrade of the US rating, coupled with doubts over the Trump tax reform bill, continue to weaken the dollar, which is favorable for gold." Trump's tax cut and spending bill will face a crucial stress test later today as Republican members of the US House of Representatives are trying to overcome internal disagreements over cutting healthcare subsidies and tax cuts in high-cost coastal states.