Gold Gains on Safe-Haven Demand
Gold prices rose for a third straight session on Friday, as U.S. President Donald Trump’s announcement of new tariffs on Canada and broader tariff threats against other trading partners lifted demand for the safe-haven asset.
Spot gold was up 0.4% at $3,334.99 U.S. per ounce. U.S. gold futures gained 0.6% to $3,345.30 U.S.
On Thursday, Trump said the United States would impose a 35% tariff on imports from Canada and planned to impose blanket duties of 15% or 20% on most other trade partners.
This followed Wednesday’s announcement of a 50% tariff on U.S. copper imports and a similar levy on goods from Brazil, along with tariff notifications sent to other trade partners earlier.
Trump also said the European Union could receive a letter on tariff rates by Friday, throwing into question the progress of trade talks between Washington and the 27-nation bloc.
Closer to home, data on Thursday showed weekly jobless claims in the U.S. fell unexpectedly to a seven-week low, indicating stable employment levels.
Federal Reserve Governor Christopher Waller on Thursday reiterated his belief the central bank could cut interest rates at its policy meeting later this month.
Meanwhile, Fed Bank of San Francisco President Mary Daly said two rate cuts remain on the table for this year.
Lower rates boost non-yielding gold’s appeal.
