Gold set for weekly gain amid dollar's fall
Kyiv • UNN
Gold prices rose 0.5% to $3343.07 per ounce, heading for a weekly gain of 2.1%. This comes amid a decline in the US dollar and uncertainty surrounding President Trump's trade deals.
Gold prices recovered on Friday and were headed for a weekly gain, helped by a decline in the US dollar and an inflow of funds from safe-haven assets, as the deadline for US President Donald Trump's trade deals approached, UNN reports with reference to Reuters.
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Spot gold rose 0.5% to $3343.07 per ounce at 06:17 GMT (09:17 Kyiv time). Bullion rose approximately 2.1% this week.
US gold futures rose 0.3% to $3352.50.
The dollar index fell 0.2% and is on track for a second consecutive week of declines, making gold less expensive for holders of other currencies.
"Concerns about the fiscal situation in the US (after Trump's massive tax cut bill was passed by Congress) and uncertainty about the approaching July 9 tariff deadline have increased demand for the safe-haven asset," said Ricardo Evangelista, senior analyst at Activ.
Trump announced that Washington would begin sending letters to countries on Friday, marking a departure from earlier plans for separate trade deals. On April 2, he announced reciprocal tariffs of 10%-50%, but later lowered most to 10% by July 9 to conduct negotiations.
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Meanwhile, Trump's tax cut legislation cleared its final hurdle in Congress on Thursday, making his 2017 cuts permanent, funding his immigration crackdown, and adding new tax breaks promised during Trump's 2024 campaign.
Data showed that US job growth in June was unexpectedly robust, but nearly half of the non-farm job gains came from the public sector, and private industry gains were the lowest in eight months, as businesses struggled with growing economic headwinds.
"The latest US jobs data supports the narrative of a slowing economy, but not a stagnation, which reduces pressure on the Fed to cut interest rates anytime soon," said UBS commodity analyst Giovanni Staunovo.
Spot silver rose 0.1% to $36.86 per ounce, while palladium fell 0.1% to $1135.70. Platinum rose 0.7% to $1376.33 per ounce and is moving towards its fifth consecutive week of gains.
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