Gold rose on Friday after U.S. President Donald Trump announced new tariffs on Canadian imports and issued broader tariff threats to other trading partners, though a stronger dollar limited gains as investors assessed the latest trade actions.
FUNDAMENTALS
* Spot gold rose 0.3% to $3,333.66 per ounce, as of 0047 GMT. U.S. gold futures were up 0.6% at $3,345.10.
* Trump said on Thursday the United States would impose a 35% tariff on imports from Canada next month and planned to impose blanket tariffs of 15% or 20% on most other trade partners.
* This comes following Wednesday's announcement of a 50% tariff on U.S. copper imports and 50% levy on goods from Brazil, alongside sending tariff notices for other trading partners, all effective August 1.
* Meanwhile, the U.S. dollar index headed for a weekly gain of more than 0.9%, making gold more expensive for international buyers.
* Weekly jobless claims in the U.S. unexpectedly fell to a seven-week low, signaling stable employment levels despite broader concerns about a cooling labor market, and signalling no urgency for the Federal Reserve to resume rate cuts.
* The White House on Thursday launched a fresh attack on Fed Chair Jerome Powell, with a senior official saying Powell had "grossly mismanaged" the central bank, citing deficits and cost overruns.
* Fed Governor Christopher Waller said the U.S. central bank still has some way to go in shrinking the size of its holdings, in comments that offered a potential resting size for the ongoing drawdown, while reiterating a case is still there to cut the central bank's interest rate target later this month.
* Spot silver edged up 0.1% at $37.08 per ounce, platinum fell 0.4% to $1,356 and palladium rose 0.3% to $1,145.68. DATA/EVENTS (GMT) 0300 China, Japan Overall Comprehensive Risk Q3 0600 UK GDP Estimate 3M/3M, MM, YY May 0600 UK Services MM, YY May 0600 UK Manufacturing Output MM May 0645 France CPI (EU Norm) Final MM, YY June 0645 France CPI MM, YY NSA June.
FUNDAMENTALS
* Spot gold rose 0.3% to $3,333.66 per ounce, as of 0047 GMT. U.S. gold futures were up 0.6% at $3,345.10.
* Trump said on Thursday the United States would impose a 35% tariff on imports from Canada next month and planned to impose blanket tariffs of 15% or 20% on most other trade partners.
* This comes following Wednesday's announcement of a 50% tariff on U.S. copper imports and 50% levy on goods from Brazil, alongside sending tariff notices for other trading partners, all effective August 1.
* Meanwhile, the U.S. dollar index headed for a weekly gain of more than 0.9%, making gold more expensive for international buyers.
* Weekly jobless claims in the U.S. unexpectedly fell to a seven-week low, signaling stable employment levels despite broader concerns about a cooling labor market, and signalling no urgency for the Federal Reserve to resume rate cuts.
* The White House on Thursday launched a fresh attack on Fed Chair Jerome Powell, with a senior official saying Powell had "grossly mismanaged" the central bank, citing deficits and cost overruns.
* Fed Governor Christopher Waller said the U.S. central bank still has some way to go in shrinking the size of its holdings, in comments that offered a potential resting size for the ongoing drawdown, while reiterating a case is still there to cut the central bank's interest rate target later this month.
* Spot silver edged up 0.1% at $37.08 per ounce, platinum fell 0.4% to $1,356 and palladium rose 0.3% to $1,145.68. DATA/EVENTS (GMT) 0300 China, Japan Overall Comprehensive Risk Q3 0600 UK GDP Estimate 3M/3M, MM, YY May 0600 UK Services MM, YY May 0600 UK Manufacturing Output MM May 0645 France CPI (EU Norm) Final MM, YY June 0645 France CPI MM, YY NSA June.
