Online Reporter
Gold held an advance on Friday, but remained on track for a weekly loss, as investors assessed US President Donald Trump’s suite of new tariff rates due to take effect in about a week.
Bullion steadied near US$3 290 an ounce, following a 0,5 percent gain in the previous session, after the White House laid out country-specific duties ranging from 10 percent to 41 percent. Baseline rates for many nations remained at 10 percent, the same as proposed in April. The administration’s latest trade policy update will see the average US tariff rate rise to 15,2 percent if implemented as announced, according to Bloomberg Economics. That’s up from 13,3 percent earlier and significantly higher than the 2,3 percent in 2024 before Trump took office.
Gold has surged by about a quarter this year, including to an all-time high above US$3 500 in April, as uncertainty over the US Federal Reserve rate-cut path, geopolitical conflicts, and Trump’s tariff agenda sparked demand for havens.
Still, the precious metal has been trading within a relatively tight range for months amid signs that investors have become increasingly inured to trade developments.
The dollar closed out its best month of 2025 in July, adding additional headwinds for bullion as it is priced in the currency.
Spot gold was flat at US$3 288.30 an ounce at 8:45 a.m. in London, with prices down 1,4 percent so far this week. Silver also saw a weekly loss of more than 4 percent. The Bloomberg Dollar Spot Index was little changed. Platinum and palladium fell. — Bloomberg
Peter Tanyanyiwa