Gold prices were muted around $3,290 per ounce on Friday and were on track for its worst weekly performance since late June, pressured by a stronger US dollar following President Trump's introduction of higher tariffs on multiple countries.
Trump reaffirmed a 10% global base tariff and imposed retaliatory duties of up to 41% on nations without trade agreements with the US. He also announced a 40% levy on goods suspected of being rerouted through third countries to bypass existing tariffs.
Meanwhile, US data showed that both core and headline PCE prices exceeded expectations in June, reinforcing concerns about persistent inflation in key sectors of the economy, and further complicating the outlook for a potential rate cut in September.
Investors now turn their attention to the July jobs report, expected to offer fresh insight into labor market conditions and help shape the Federal Reserve's next policy move.
Source: Trading Economics
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