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.
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. - Reuters
