Gold (XAU/USD) traded higher on Friday (04/07) as news of US President Donald Trump's "Big, Beautiful" bill made its way into the market. With markets closed in the US for Independence Day, XAU/USD was trading above $3,330 at the time of writing.
Liquidity is expected to remain light in the US following the holiday weekend, which could make bullion sensitive to developments that could affect risk sentiment.
Risk appetite improved this week, following reports that the US was making progress in trade talks ahead of a July 9 deadline. However, the mood changed slightly on Friday due to tariff uncertainty and President Trump's threat to send letters to countries stating how much they will pay to do business with the US.
On Friday, Trump stated that "We're probably going to send some letters, starting maybe tomorrow, maybe 10 a day to various countries saying how much they will pay to do business with the US," according to Reuters
"The tariffs will be anywhere from 60% or 70% to 10% and 20%," was the range Trump gave to Bloomberg reporters.
Looking ahead, market focus will shift to ongoing trade negotiations, which could introduce fresh volatility. If trade talks deteriorate or geopolitical tensions escalate, investors may turn to safe-haven assets such as Gold.
In addition, the proposed "Big, Beautiful" bill was passed by the House of Representatives on Thursday night after the release of key economic data from the US. (alg)
Source: FXstreet
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