(Bloomberg) -- Gold steadied as investors weighed concerns about the US fiscal position together with prospects for the Federal Reserve’s monetary easing path ahead of key economic data.

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Bullion was slightly higher near $3,3347 an ounce — following a gain of 2% over the previous two sessions — after the Senate passed US President Donald Trump’s multitrillion-dollar tax bill on Tuesday. The legislation, which is expected to widen the deficit by $3.3 trillion over the next decade, now heads to the House. If it passes, that could benefit gold’s appeal as a haven.

Investors were also focused on the US employment report for June, which is expected on Thursday. The figures are projected to show a slowdown in payrolls growth and an uptick in unemployment, which may strengthen the case for cuts by the Fed. It would follow a stronger-than-expected job openings print on Tuesday that reduced hopes for a July cut. Lower borrowing costs tend to benefit the non-yielding commodity.

Gold is up by more than a quarter this year, trading around $150 short of a record set in April. The price is bolstered by demand for havens as investors grapple with heightened geopolitical and trade tensions. The rally has also been supported by robust central-bank purchases, as well as inflows into bullion-backed exchange-traded funds.

Meanwhile, investors continue to monitor US trade talks, with Trump saying Wednesday that he had reached a deal with Vietnam. He recently said he’s not considering delaying a July 9 deadline for higher tariffs. Still, there are signs that traders are becoming less worried by the president’s unpredictable stance on levies. The economy remains broadly healthy.

Spot gold rose 0.3% to $3,347.49 an ounce at 12:44 p.m. in New York. The Bloomberg Dollar Spot Index was little changed. Silver, platinum and palladium gained.

--With assistance from Elise Harris and Jack Ryan.

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