Gold prices held steady on Friday, but were poised for a third consecutive weekly loss pressured by a stronger dollar and diminished expectations for U.S. rate cuts, while uncertainty from U.S. tariffs on trading partners offered support.
Spot gold was steady at $3,293.56 U.S. per ounce. Bullion is down 1.4% so far this week. U.S. gold futures edged down 0.1% to $3,344.60.
The dollar index hit its highest level since May 29, making gold more expensive for other currency holders.
U.S. President Donald Trump slapped steep tariffs on exports from dozens of trading partners, including Canada, Brazil, India and Taiwan, pressing ahead with his plans to reorder the global economy ahead of a Friday trade deal deadline.
Experts say the price of gold should remain supported.
Focus now shifts to U.S. jobs data, due Friday, as investors assess the Federal Reserve’s policy trajectory, with July job growth expected to have slowed and the unemployment rate projected to rise to 4.2%.
Gold, often considered a safe-haven asset during economic uncertainties, tends to perform well in a low-interest-rate environment.
Elsewhere among metals, spot silver fell 0.8% to $36.46 U.S. per ounce, platinum lost 1.7% at $1,268.45 U.S. and palladium was down 0.5% to $1,185.19 U.S. All three metals were headed for weekly losses.
