Gold price (XAU/USD) resumes rally during the Asian trading hours on Friday. The growing concerns about US President Donald Trump's tariff plans provide some support to the precious metal. Additionally, a decline in US bond yields across the curve contributes to the yellow metal's upside.
However, the expectation that the US Federal Reserve (Fed) will stick to its hawkish stance and hold the interest rate higher for longer could drag the non-yielding yellow metal lower. Traders will keep an eye on the release of US Retail Sales for January, which is due later on Friday
Gold price edges higher amid fears of a global trade war
Trump unveiled a roadmap on Thursday for charging reciprocal tariffs against every country that imposes duties on US imports.
However, commerce and economics officials need to study reciprocal tariffs against countries that place tariffs on US goods, and it will not be due until April 1.
The US Producer Price Index (PPI) rose 3.5% YoY in January, followed by the 3.3% increase seen in December, according to the US Bureau of Labor Statistics on Thursday. This reading came in above the market expectation of 3.2%.
The annual core PPI rose 3.6% YoY in January, compared to 3.7% (revised from 3.5%) prior, beating the estimation of 3.3%.
The US Initial Jobless Claims for the week ending February 8 fell to 213K, compared to the previous week of 220K (revised from 219K), below the market consensus of 215K.
Gold price edges higher in Friday's Asian session.
Trade war fears and lower US bond yields support the precious metal.
Investors brace for the US January Retail Sales data, which is due later on Friday.
Source: Fxstreet
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