Gold price (XAU/USD) recovers some of its initial losses and rebounds to near $3,305 during Nortyh American trading hours on Friday. Still, the precious metal is down almost 0.4%.
The yellow metal bounces back as trade tensions between the United States (US) and China have renewed after President Donald Trump signaled in a post on Truth.Social that Beijing has violated trade agreement.
"The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US," Trump wrote.
Renewed trade tensions between the world's largest economies have increased demand of the Gold price. Historically, the demand of safe-haven assets increase amid heightened geopolitical tensions.
Trade worries have weighed some pressure on the US Dollar (USD), which reflected a decent recovery move, earlier in the day. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, gives up significant initial losses and is slightly up 0.08% around 99.40.
The US Dollar (USD) gained ground after the US Court of Appeals suspends the federal trade court's decision to ban the majority of tariffs announced by President Donald Trump, potentially diminishing hopes of permanent invalidation of import duties.
On Wednesday, the US court of International Trade quoted most of the tariffs announced by Trump as "illegal", citing that large trade imbalances don't constitute a "national emergency" under the International Emergency Economic Powers Act (IEEPA).
Using the IEEPA law, Trump announced reciprocal tariffs on all of his trading partners, a fentanyl duty on China, Canada and Mexico, and border negligence levies on his North American peers.
Source: FXStreet
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