Gold steadied after a two-day climb as traders focused on tariff threats from President Donald Trump and the outlook for US monetary policy.
Bullion traded above $3,332 an ounce, after posting modest gains on Wednesday and Thursday that pared a weekly drop.
The president proposed a slew of country-specific tariffs this week, including moves against Canada and Brazil, while pushing the overall deadline for implementation to Aug. 1. In addition, he's planning a substantial levy on imports of copper.
Elsewhere, investors were considering the outlook for US interest rates. Policymakers have held borrowing costs steady this year, though a divide has emerged over how many rate cuts officials expect this half.
Fed Bank of San Francisco President Mary Daly said she still views two reductions as likely, with a greater chance that the price effects from tariffs may be more muted than anticipated. Lower borrowing costs tend to benefit bullion.
Gold has rallied more than a quarter this year, setting a record above $3,500 an ounce in April.
Trump's erratic efforts to overhaul trade policies continue to serve as a steady source of uncertainty for markets, driving demand for havens amid worries about the long-term impact on the global economy. Theadvance has also been aided by heightened geopolitical tensions and central-bank buying.
Spot gold was 0.3% higher at $3,332.31 an ounce at 8:32 a.m. in Singapore. The Bloomberg Dollar Spot Index was flat. Silver and palladium rose, while platinum fell.
Source: Bloomberg
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