Gold rises as dollar hits two-week low

Gold bars 

Gold prices climbed on Wednesday as the US dollar weakened to its lowest level in two weeks, with investors seeking safe-haven assets amid ongoing fiscal policy uncertainty in the United States and renewed geopolitical tensions in the Middle East.

June gold futures rose 0.6%, or $19.2, to $3,331.8 an ounce.

Spot gold was up 0.35%, or $11.5, at $3,301.63 an ounce by 08:38 a.m. Mecca time.

The US dollar index, which tracks the greenback against a basket of six major currencies, fell 0.5% to 99.61, its lowest level since May 7.

Elsewhere in precious metals, July silver futures added 0.4% to $33.3 an ounce. Meanwhile, spot platinum fell 1.55% to $1,041.91, and palladium slipped 1.3% to $1,005.08.

The moves came after US President Donald Trump urged House Republicans on Tuesday to set aside internal disagreements and advance a sweeping tax-cut bill ahead of a vote scheduled later this week.