Gold prices dipped slightly on Friday as investors recalibrated their risk strategies following US President Donald Trump’s tariff announcement, which, despite providing clarity, also raised fears of a global economic slowdown.
Spot gold fell 0.3% to $3,103.00 per ounce, although it remains on course for a fifth straight weekly gain due to continued demand for safe-haven assets. Earlier in the week, the metal hit a record high of $3,167.57, reflecting growing global uncertainty.
Also Read: China Discovers Record 1,000-Tonne Gold Deposit, Adding to $80 Billion Reserves
According to Tastylive’s Ilya Spivak, gold typically performs well in times of unpredictable risk, but once markets grasp the scale of the impact—like with Trump’s tariffs—some of that appeal fades. Trump’s plan includes a 10% tariff on all imports and higher duties on key trade partners, sparking fears of a renewed trade war.
US gold futures inched up 0.1% to $3,123.40, recovering slightly after a sharp 2% decline in the previous session. The market is now focused on the upcoming US jobs data, which could influence expectations around future interest rate moves by the Federal Reserve.
Other precious metals saw varied reactions: silver dropped 1% to $31.54, platinum slipped 0.2% to $950.85, while palladium rose 0.4% to $932.00.
