Gold Steadies Below $3,300 as Markets Watch Trump’s Tax Bill and US Data

Gold Steadies Below $3,300 as Markets Watch Trump’s Tax Bill and US Data

Gold Begins the Week Flat as Dollar Consolidates

The price of Gold (XAU/USD) is trading just below $3,300 during Monday’s European session, finding stability as the US Dollar also steadies at the start of a shortened trading week.

Trump’s “Big Beautiful Bill” Sparks Fiscal Concerns

Gold’s performance is largely influenced by political developments in the United States. The Trump administration is pushing to finalize the “One Big Beautiful Bill”—a sweeping tax code reform—by July 4, intensifying debate in Washington.

The bill, which narrowly passed the Senate over the weekend, proposes broad tax deductions, offset by significant cuts to Medicaid and green energy subsidies. These proposals have raised concerns over ballooning fiscal deficits, adding to market uncertainty.

Inflation and Deficit Fears Boost Gold’s Safe-Haven Appeal

As fiscal expansion looms, inflationary concerns could rise—supporting Gold’s status as a traditional inflation hedge. Investors are beginning to price in the potential long-term risks, including higher government debt and weakening USD sentiment.

Focus Shifts to US Jobs Report and Economic Indicators

Later this week, traders will monitor the US Nonfarm Payrolls report and unemployment data, crucial indicators that could influence the Federal Reserve’s stance on rate cuts. Combined with growing deficit worries, this makes the near-term Gold outlook cautiously bullish.

Internal Linking Suggestions:

• Gold Price Technical Analysis
• US Dollar Outlook This Week
• Federal Reserve Rate Cut Speculation
• Trump’s Fiscal Policy Tracker