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NewsGENERALGold gains on safe-haven demand, spotlight shifts to US jobs data

Gold gains on safe-haven demand, spotlight shifts to US jobs data

doorReuters
Gold gains on safe-haven demand, spotlight shifts to US jobs data

*Trump hits dozens of countries with steep tariffs

*Gold down 1.4% so far this week

*Silver, platinum, palladium set for weekly losses

Gold prices rose on Friday as investors turned to the safe-haven asset after United States President Donald Trump imposed fresh tariffs on a broad range of countries, while the market's focus shifted to the U.S. non-farm payrolls report.

Spot gold was up 0.3% at $3,299.54 per ounce, as of 1119 GMT. However, bullion is down 1.4% so far this week.

U.S. gold futures rose 0.1% to $3,351.40.

The precious metal should remain supported amid the still-uncertain impact from U.S. tariffs on global economic growth, said Han Tan, chief market analyst at Nemo.Money.

Trump slapped steep tariffs on exports from dozens of trading partners including Canada, Brazil, India and Taiwan pressing ahead with his plans to reorder the global economy ahead of a Friday trade deal deadline.

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 on Friday, as investors assess the Federal Reserve's policy trajectory, with July job growth expected to have slowed and the unemployment rate projected to rise to 4.2%.

"The incoming US jobs report may also trigger another big move for gold. Another demonstration of resilience by the U.S. jobs market could send gold southbound towards $3,200," Tan added.

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

Gold, often considered a safe-haven asset during economic uncertainties, tends to perform well in a low-interest-rate environment.

Physical gold demand in key Asian markets improved slightly this week as a pullback in prices sparked buying interest, though volatility kept some buyers cautious.

Spot silver fell 0.7% to $36.49 per ounce, platinum lost 1.6% at $1,269.27 and palladium was down 1.7% at $1,170.35. All the three metals were headed for weekly losses.