Gold prices stabilized on Friday, poised for a fifth straight weekly advance, as concerns over a global trade conflict ignited by U.S. President Donald Trump’s retaliatory tariffs bolstered demand for the safe-haven metal. Market participants also turned their attention to the impending release of U.S. non-farm payrolls data later in the session.
The spot price of gold remained stable at $3,109.95 per ounce as of 00:33 GMT. Gold futures in the US increased 0.3% to $3,129.60.
A sell-off in the market as a whole, triggered by Trump’s import taxes, caused gold to fall more than 2% in the previous session.
This dramatic decline occurred just hours after gold hit a record high of $3,167.57.
Trump said that all imports into the US will be subject to a baseline tax of 10%, with some of the nation’s largest trade partners facing higher tariffs.
As these tariffs stoked concerns about sharp price rises in the largest consumer market in the world, U.S. trading partners vowed to intensify a trade war with the United States.
Trump’s announcement of sweeping tariffs may have given U.S. Federal Reserve officials more information than they had requested, according to economists, and may significantly alter the nation’s economic picture.
The U.S. non-farm payrolls data, which may shed light on the Fed’s interest rate trajectory, is now awaited by the market.
While palladium XPDUSD1! dropped 0.3% to $925.75 and platinum PL1! remained steady at $951.95, spot silver XAGUSD1! increased 0.1% to $31.89 an ounce.
