Gold (XAU/USD) held relatively steady on Friday, even as global markets reacted to President Donald Trump’s sweeping reimposition of tariffs on dozens of US trading partners.
Spot gold was trading at $3,294.51 an ounce by 10:20 GMT, remaining subdued despite heightened trade tensions.
Trump signed an executive order Thursday evening introducing “reciprocal tariffs” on 92 nations, with rates ranging from 10% to 41%.
While such geopolitical escalations typically drive investors towards safe-haven assets like gold, bullion’s upside was capped by a resurgent US dollar.
The dollar climbed to its highest level in more than two months. The rally followed the Federal Reserve’s decision to leave interest rates unchanged and uncertainty over future policy, particularly in the wake of Washington’s intensified trade posture.
Gold is now heading for its third consecutive weekly loss, with a firmer dollar continuing to weigh on prices despite underlying demand.
Markets are bracing for further movement later in the day as US nonfarm payrolls data is released, potentially injecting fresh volatility into both currency and commodity markets.