Gold futures jumped more than 1% on Tuesday as investors sought safe-haven assets after the U.S. Senate passed President Trump's tax and spending bill, which analysts expect will widen the U.S. fiscal deficit by more than $3 trillion over the next decade.

The U.S. dollar languished at its weakest against the euro since September 2021 on Tuesday, as President Donald Trump's spending bill stoked fiscal worries and uncertainty around trade deals continued to weigh on sentiment.

Gold rose for a second day as investors weigh President Donald Trump’s tax bill, which is expected to further expand US deficits.