PRECIOUS-Gold rises as investors grow cautious amid US debt fears

May 22 (Reuters) - Gold prices rose on Thursday as investors leaned toward the safe-haven asset due to mounting concerns over the U.S. government's growing debt and a lukewarm demand for 20-year Treasury bonds, highlighting low appetite for U.S. assets.

FUNDAMENTALS

* Spot gold XAU= gained 0.2% to $3,320.37 an ounce as of 0026 GMT. U.S. gold futures GCcv1 rose 0.3% to $3,322.20.

* House Speaker Mike Johnson said he would bring up U.S. President Donald Trump's massive tax and spending bill to a vote as soon as Wednesday evening, in a sign that he may have quelled objections from fellow Republicans who have imperiled its passage.

* Concerns persisted over Trump's efforts to push a tax-cutting bill that could worsen the debt load by $3 trillion to $5 trillion.

* The U.S. Treasury Department saw soft demand for a $16 billion sale of 20-year bonds on Wednesday, with investors worried about the country's increasing debt burden as Congress wrangles with the tax bill.

* Gold is seen as a safe investment amid economic and geopolitical turmoil and thrives in a low-rate environment.

* Several Federal Reserve officials are scheduled to speak later this week, potentially providing further clues into the economy and the central bank's policy path amid concerns about the U.S.'s mounting debt.

* Markets are now pricing in at least 50 basis points of rate cuts this year, with the first one expected in October. USDIRPR

* Spot silver XAG= rose 0.3% to $33.47 an ounce, platinum XPT= fell 0.4% to $1,072.70 and palladium XPD= lost 1.1% to $1,026.58.

DATA/EVENTS (GMT)