Gold flat as dollar firms after US imposes fresh tariffs; jobs data in focus
Spot gold was steady at US$3,289.79 per ounce, as of 0127 GMT. Bullion is down 1.4 per cent so far this week. US gold futures eased 0.3 per cent to US$3,340.20.
The dollar index rose 0.1 per cent to hover near a two-month peak hit on Thursday, making gold more expensive for other currency holders.
Trump signed an executive order on Thursday imposing "reciprocal" tariffs ranging from 10 per cent to 41 per cent on imports from dozens of countries and foreign locations.
He increased duties on Canadian goods to 35 per cent from 25 per cent for all products not covered by the US-Mexico-Canada trade agreement, but gave Mexico a 90-day reprieve to negotiate a broader deal.
Asian shares fell on Friday after the US slapped dozens of trading partners with steep tariffs.
Focus now shifts to US jobs data due later in the day for more cues on Federal Reserve's rate-cut path after the bank left rates unchanged earlier this week.
Fed funds futures imply just a 39 per cent chance of a rate cut in September, compared with 65 per cent before the Fed meeting, according to the CME's FedWatch. Gold thrives in a low-interest rate environment as it is a non-yielding asset.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.09 per cent to 954.51 tonnes on Thursday from 955.37 tonnes on Wednesday. Spot silver held steady at US$37.10 per ounce, platinum fell 0.3 per cent to US$1,308.85 and palladium rose 0.9 per cent to US$1,216.25.
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