Gold set for fifth weekly gain as Trump tariffs boost safe-haven appeal
Gold prices held steady on Friday, set for a fifth consecutive weekly gain, as fears of a global trade war triggered by U.S. President Donald Trump's reciprocal tariffs increased demand for safe-haven bullion.
Investors also awaited the release of U.S. non-farm payrolls data later in the day.
FUNDAMENTALS
* Spot gold held its ground
at $3,109.95 an ounce, as of 0033 GMT. U.S. gold futures firmed 0.3% to
$3,129.60.
* In the previous session, gold dropped more than 2% as a broader market sell-off, sparked by Trump's import tariffs, weighed on bullion traders.
* This sharp pullback came just hours after gold reached a record high of
$3,167.57.
* Trump said he would impose a 10% baseline tariff on all imports to the United
States and higher duties on some of the country's biggest trading partners.
* U.S. trading partners threatened to ratchet up a trade war with the United
States as these tariffs ignited fears of steep price increases in the world's
largest consumer market.
* U.S. Federal
Reserve officials, wanting more detail on Trump's trade plans, got
perhaps more than they bargained when he unveiled sweeping tariffs, analysts
say could dramatically reshuffle the country's economic outlook.
* The market is now awaiting the U.S. non-farm payrolls report, which could
provide insights into the Fed's interest rate path.
* Spot silver rose 0.1% to $31.89 an ounce, while platinum was unchanged at
$951.95 and palladium lost 0.3% to $925.75.