The U.S. Senate passes the "Too Big to Fail" bill, raising concerns over the fiscal deficit and triggering a surge in gold prices
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The U.S. Senate passed Trump's "Big and Beautiful Act," which is expected to increase the fiscal deficit by more than $3 trillion over the next decade, leading to a significant rise in gold prices. Gold futures prices rose by more than 1%, closing at $3,336.70 per ounce, marking the largest single-day increase since June. The U.S. dollar exchange rate fell, and Treasury yields declined, with the market anticipating that the Federal Reserve will lower interest rates, further enhancing the appeal of gold. HSBC has raised its gold price forecasts for 2025 and 2026 to $3,215 and $3,125, respectively
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