London - (Saba):
Gold prices rose on Friday, supported by growing concerns about the US financial situation, which boosted demand for safe-haven assets.
Spot gold rose 0.2 percent to $3,299.79 per ounce, posting weekly gains of nearly 3 percent and on track for its best weekly performance since early April.
US gold futures also rose by the same amount to $3,299.60.
This performance comes at a time of market anticipation following the US House of Representatives' passage of a sweeping tax and spending bill expected to add trillions of dollars to the national debt and enshrine key elements of US President Donald Trump's economic agenda.
Assets such as gold are traditionally a haven for investors during periods of political and financial uncertainty, which enhances its appeal amid these developments.
Among other precious metals, silver was steady at $33.07 an ounce, while platinum rose 0.1 percent to $1,082.47, and palladium fell 0.3 percent to $1,012.00.