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Bullion rose 0.5% to around $3,340 an ounce on Friday as investors weighed the latest trade comments from the president, who said the administration will start sending letters on Friday that set new levy rates for several nations.
'They'll be fully covered and they'll range in value from maybe 60 or 70% tariffs to 10 and 20% tariffs,' he said late Thursday. Trump told reporters that about '10 or 12' letters would go out Friday, with additional letters coming 'over the next few days.'
Trump has long threatened that if countries fail to reach deals with a July 9 deadline, he would impose higher rates on them, raising the stakes for trading partners. So far, the administration has announced deals with the UK and Vietnam and agreed to a truce with China that saw the world's two largest economies ease tit-for-tat tariffs. There's concern a growing trade war could dent the global economy, which would be a boon for haven assets like gold.
Elsewhere, investors continued to assess the path forward for the Federal Reserve's interest-rate cutting cycle, after a Thursday report showed US payroll figures surprised on the upside, while the unemployment rate came in lower than expectations. That prompted traders to exit already slim bets on a rate reduction at the Fed's July meeting. Higher rates typically weigh on gold, which doesn't bear interest.
Gold is up by more than a quarter this year, trading about $160 short of a record set in April. The precious metal has been bolstered by demand for havens as investors grapple with heightened geopolitical and trade tensions, as well as ongoing strong demand from global central banks.
Spot gold was up 0.5% to $3,341.48 an ounce as of 1:23 p.m. in Singapore. The Bloomberg Dollar Spot Index slipped 0.2%, putting it on track for a weekly loss of 0.5%. Silver was steady, while palladium and platinum climbed.
Elsewhere, investors were weighing the potential economic impact of Trump's multitrillion fiscal package, after the House passed the bill on Thursday. The sweeping legislation is expected to widen the US deficit by $3.4 trillion over the next decade, according to the nonpartisan Congressional Budget Office. That could bolster demand for havens such as gold.
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