Gold prices ticked higher on Friday, supported by uncertainty stemming from a slew of U.S. tariffs slapped on trading partners, although a stronger dollar kept bullion on track for a weekly loss.

Spot gold was up 0.2% at $3,299.08 per ounce, as of 0553 GMT. Bullion is down 1.2% so far this week.

U.S. gold futures edged up 0.1% to $3,351.60.

"Gold has been in a $3,250 to $3,450 range for about two months now, and we see it heading towards the bottom end of the range and perhaps breaking it," said Marex analyst Edward Meir, adding that the dollar's strength was driven by the Federal Reserve's hawkish stance, which also weighed on the bullion.

The Fed held interest rates steady in the 4.25%-4.50% range on Wednesday and dampened expectations for a September rate cut.

Trump signed an executive order on Thursday imposing "reciprocal" tariffs ranging from 10% to 41% on imports from dozens of countries and foreign locations ahead of a Friday trade deal deadline.

He increased duties on Canadian goods to 35% from 25% for all products not covered by the U.S.-Mexico-Canada trade agreement, but gave Mexico a 90-day reprieve to negotiate a broader deal.

"If various countries cannot renegotiate these tariff rates lower, we could see (gold) prices move higher again if trade tensions increase," Meir said.

Meanwhile, U.S. inflation increased in June as tariffs on imports started raising the cost of some goods.

Focus now shifts to U.S. jobs data, due later in the day, to gauge the Fed's policy trajectory.

Gold thrives in a low-interest rate environment as it is a non-yielding asset.

Spot silver fell 0.1% to $36.69 per ounce, platinum was up 0.4% at $1,295.76 and palladium rose 1.1% to $1,203.72. All three metals were headed for weekly losses.

Source: Reuters