Gold prices slid 1% on Friday as investors digested U.S. President Donald Trump’s latest tariffs, and focus shifted to the U.S. non-farm payrolls report for clarity on the Federal Reserve’s monetary policy.
The jobs will be clarified around 8:30 a.m. EDT.
Spot gold was down 0.9% at $3,086.32 U.S. an ounce but remained on track for a fifth straight weekly gain.
U.S. gold futures edged 0.4% lower to $3,107.70.
In the previous session, gold hit a record high at $3,167.57 U.S. before dropping more than 2% soon after, as a broader selloff sparked by Trump’s import tariffs seeped into the bullion market.
Trump said he would impose a 10% baseline tariff on all imports to the U.S. and higher duties on some of the country’s biggest trading partners.
Gold is known as a hedge against geopolitical uncertainty and inflation but higher rates could dampen its appeal as it yields no interest.
Spot silver declined 1.6% to $31.38 U.S. an ounce and was headed for its worst week since December 2023.
Platinum lost 1.4% to $942.90 U.S., palladium slipped 0.2% to $926.69 U.S. and both were headed for a weekly loss.
