Is it welcome or welcomed gift?

Excuse me, could you please clarify something for me? I'm a bit confused about the phrase "is it a welcome or welcomed gift?" It seems to me that both "welcome" and "welcomed" could potentially be used in this context, but I'm not entirely sure which one is more appropriate. Could you please explain the difference between the two and help me understand which one would be more fitting in this sentence? Thank you in advance for your assistance.