Spot gold rose 0.3% to $3,333.67 per ounce as of 0245 GMT.
Gold rose on Friday after US President Donald Trump announced new tariffs on Canadian imports and broader tariff threats to other trading partners, but gains were capped by a stronger dollar amid mounting signs of turmoil in global trade landscape.
Spot gold rose 0.3 per cent to $3,333.67 per ounce as of 0245 GMT. US gold futures added 0.6 per cent to $3,345.10.
On Thursday, Trump said US would impose a 35 per cent tariff on imports from Canada and planned to impose blanket duties of 15 per cent or 20 per cent on most other trade partners.
This follows Wednesday’s announcement of a 50 per cent tariff on US copper imports and a similar levy on goods from Brazil, along with tariff notifications sent earlier to other trading partners, including Japan and South Korea.
All newly announced tariffs will take effect on August 1.
“Despite Trump’s tariff wars picking up steam again, gold hasn’t gotten the boost it previously has because investors are becoming more accustomed to both the tariff story and Trump’s policy-making style,” KCM Trade Chief Market Analyst Tim Waterer said.
The U.S. dollar index was on track to record its best weekly performance since the week of February 24, making gold more expensive for international buyers.
“The move north by the dollar in unison with gold probably limited the size of the gains in the precious metal,” Waterer said.
Weekly jobless claims in the US fell unexpectedly to a seven-week low, indicating stable employment levels despite a cooling labour market and signalling no urgency for the Federal Reserve to resume cutting interest rates.
Gold, often considered as a safe-have asset during economic uncertainties, tends to do well in low-rate environment.
The White House launched a fresh attack on Fed Chair Jerome Powell on Thursday, with a senior official saying Powell had “grossly mismanaged” the central bank, citing deficits and cost overruns.
Spot silver gained 0.4 per cent at $37.17 per ounce, platinum fell 0.2 per cent to $1,358.61 and palladium rose 0.2 per cent to $1,143.55.
Published on July 11, 2025
