Gold rose on Friday after U.S. President Donald Trump announced new tariffs on Canada and broader tariff threats against other trading partners, but gains were capped by a stronger dollar amid mounting signs of turmoil in global trade landscape. https://t.co/WFV4pW1Wnt
Gold Technical Analysis – The focus turns to the US CPI https://t.co/6xeGZtqM0l
Late night futures Check! Gold +$20 https://t.co/tdw3x9sWlT
Gold prices advanced for a second straight session on Friday, with spot bullion up about 0.4% to $3,336.85 an ounce and U.S. futures gaining 0.7% to $3,349.10. The metal is heading for its best week in a month as investors broaden their demand for haven assets. The latest leg higher followed President Donald Trump’s announcement of a 35% tariff on Canadian imports and a plan to impose blanket duties of 15%–20% on most other trading partners from Aug. 1. The escalation in trade friction, coupled with a looming July 9 deadline on separate U.S.–China levies, deepened market unease and drove fresh flows into gold. Expectations that the Federal Reserve will restart interest-rate cuts later this year added further support for the non-yielding metal. Fed Chair Jerome Powell said most policy makers still see scope to ease “at some point” in 2025, even after weekly U.S. jobless claims slipped to a seven-week low, underscoring a resilient labor market. A firmer dollar, which is on course for its strongest weekly performance since late February, capped gold’s gains by making the commodity more expensive for holders of other currencies. Traders are now looking to next week’s U.S. consumer-price report for fresh clues on both the Fed’s path and the durability of bullion’s rally.
