The Trump tax reform bill raises concerns about the U.S. deficit, and gold maintains its upward trend

ChainCatcher news, after the U.S. Senate passed President Trump's multi-trillion dollar tax bill, investors are concerned about the U.S. fiscal situation, and gold continues to rise. Gold prices remain around $3,340 per ounce, having increased by 2% over the previous two trading days.

The latest version of the president's signed bill—expected to expand the deficit by $3.3 trillion over the next 10 years—is currently awaiting approval in the House of Representatives. If passed, this could enhance gold's appeal as a safe haven, as investors reconsider their allocations to U.S. assets due to concerns over Trump's destructive trade and economic agenda. The continued weakness of the dollar—currently at its lowest level since 2022—continues to support gold prices, offsetting the pressure from rising U.S. Treasury yields following a report on Tuesday showing an increase in job vacancies.