Gold hovered above $3,110 per ounce on Friday, poised for its fifth consecutive weekly gain after repeatedly breaking its all-time highs, driven by risk aversion stemming from US tariffs. Trump unveiled a 10% baseline tariff on imports from all countries, along with higher duties on some of the US's largest trading partners, triggering countermeasures from those nations. Meanwhile, gold pulled back on Thursday, pressured by profit-taking and reports that precious metals were excluded from Trump's tariffs. Despite this, gold's upward momentum remained intact, supported by safe-haven demand, expectations of rate cuts, central bank buying, and strong demand for gold-backed ETFs. Investors are now awaiting the US non-farm payrolls report for further insights into the Federal Reserve's monetary policy direction.
Source: Trading Economi
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